AFM362 Lecture Notes - Lecture 1: Constructive Receipt, Taxation In Canada, Tax Avoidance
28 Jun 2018
School
Department
Course
Professor
The practice of law by non
-
lawyers is an offence under the provincial legislation which regulates
that practice by lawyers
•
Tax practice and the professional accountant
The practice of taxation
Compliance
○
Tax planning
○
Legal interpretation
○
Tax appeals and tax litigation
○
In the field of taxation, four extensive areas of practice
•
Overview
Impacts a lot of people so it’s the most common area of practice
•
Preparation and review of personal and corporation tax returns and other documents submitted
to taxation authorities
•
Compliance
This is a misnomer because of the many non
-
tax costs and economic complications that
could arise with such a narrow focus
○
The process of "tax minimization"
•
To achieve effective tax planning in the decision
-
making process, it is necessary to examine and
integrate all business or investment factors
•
Tax planning
Legal interpretation
Tax appeals and tax litigation
The Canadian tax system is built upon a basis of self
-
reporting
•
As very few Canadians have in
-
depth knowledge of the taxation system, there's a strong reliance
on tax professionals to provide guidance
•
The ethical role of the professional accountant in tax practice
1,200 introduction to income tax
The discussion of this book focus primarily on federal income tax and the GST/HST
•
Overview
Limited to the three sources of rent, profit, and wages
○
Adam Smith considered income to be "net", that is, gross revenues less expenses incurred to
produce revenues
•
To impute means "to assign a value of something by inference from the value of the
products of processes to which it contributes". A formal receipt of currency may not have
taken place or been recorded
○
In recent years, economist's concept of income has been broadened to include all net increases in
economic power between two points in time. This would include gains of all kinds and imputed
income
•
Approaches to defining income
Financial accounting purposes and tax purposes are different so there are two reporting
•
The role of generally accepted accounting principles
Chapter 1
January 6, 2018 7:25 PM
AFM 362 Page 1
Document Summary
The practice of law by non-lawyers is an offence under the provincial legislation which regulates that practice by lawyers. In the field of taxation, four extensive areas of practice. Impacts a lot of people so it"s the most common area of practice. Preparation and review of personal and corporation tax returns and other documents submitted to taxation authorities. This is a misnomer because of the many non-tax costs and economic complications that could arise with such a narrow focus. To achieve effective tax planning in the decision-making process, it is necessary to examine and integrate all business or investment factors. The ethical role of the professional accountant in tax practice. The canadian tax system is built upon a basis of self- reporting. As very few canadians have in-depth knowledge of the taxation system, there"s a strong reliance on tax professionals to provide guidance. The discussion of this book focus primarily on federal income tax and the gst/hst.
