AFM362 Lecture Notes - Lecture 24: Registered Retirement Income Fund, Pension Credit, Tax Bracket

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Taxable income (individuals) = division b income division c deductions. Section 3a) don"t include losses here! put into section 3d! *lotte(cid:396)(cid:455) (cid:449)i(cid:374)(cid:374)i(cid:374)gs a(cid:396)e(cid:374)"t ta(cid:454)a(cid:271)le i(cid:374)te(cid:396)est o(cid:374) the (cid:449)i(cid:374)(cid:374)i(cid:374)gs a(cid:396)e ta(cid:454)a(cid:271)le! Section 3b) net taxable k gains (any negative values are set to 0 becomes net k loss carryforward!) Abils (business investment loss on sale of shares) Division b income = 3c + 3d (set to 0 if it"s negative because it must be positive!) Division c deductions apply for stock options when: shr price = or < option price at date of issue (or if ccpc can also apply if hold for 2+ years; either rule!) Marginal tax rate = tax payable / income so calculate tax payable first! Income splitting spouses (cid:272)a(cid:374) split total i(cid:374)(cid:272)o(cid:373)e e(cid:395)uall(cid:455) (cid:894)ie. split e(cid:448)e(cid:396)(cid:455)thi(cid:374)g cpp, rrif, et(cid:272). (cid:895) Prorated by length of time individuals lived together.

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