ADMS 3520 Lecture Notes - Property Income, Tax Avoidance, Due Date

• School: York University
• Department: Administrative Studies
• Course: ADMS 3520
• Professor: all

Document Summary

Ctp selected parts of chapters 1 and 14 (see references below) For those who are interested in learning more, check out the urls. Any tax system has a base (what to tax); taxpayer or unit of taxation (who to tax); and rate (how much to tax). For income taxes (i. e. , personal and corporate income taxes), the base is income. For social security/payroll taxes (e. g. , ei, cpp, eht), the base is salary and benefits. For the gst, the base is the fmv of (most) goods and services. Canada relies more heavily on personal income taxes and less heavily on social security taxes to raise revenues than do other countries. 2. 2 taxable entities income taxes [1-7 to 9] The income tax act uses person to refer to the three entities that are subject to federal income taxation individuals, corporations and trusts. Individuals (not married couples) file t1s (i. e. , personal tax returns) and are taxed at graduated personal rates.