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4562 Lecture 1.doc

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Administrative Studies
ADMS 4562
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4562 114562 Lecture 1Introduction and Overview of CourseLast updated December 19 2013 The purpose of the lecture notes is to highlight the key points that are important to remember from each lecture You must also work through all the recommended examples exercises and problems that we recommend with these notes You cannot learn just by reading You will be tested on problems and must be able to do them2Academic HonestyDiscussion of York University Policy on Academic Honesty at httpwwwyorkucasecretariatpoliciesdocumentphpdocument693Overview of Course and Learning ObjectivesThis course builds on material covered in ADMS 3520 to focus on various aspects of the taxation of Canadian business activities and corporationsTopics are set out on the course outlineOur objective is to help you learn and apply the rules in the Income Tax Act to practical situations which accountants encounter in public practice and in industry We want to know if you are having problems and we want to know if you have suggestions as to how we can make it easier for you to learn and apply the rules Please ask or email the course director if you have any questions about the course material or are having difficulties with the courseTo benefit from this course you must do a lot of reading and a lot of practice problems Unfortunately there is a lot to rememberFortunately most of it is very useful You may even learn some tips which you can use to help you or your family save tax4Introduction to Income Tax and Income Tax ResearchIn ADMS 3520 you were introduced to the various types of taxpayers and taxes the history and objectives of taxation ADMS 3520 Lecture 1 The federal income tax which is the tax we are covering in this course is imposed by the Income Tax Act the Act which was enacted in 1917 and is amended frequently both by annual budgets and the occasional press release or set of technical amendments The provinces each have their income tax acts but they are all very short because most rely on the federal act The Income Tax Act is published by various publishers CCH Carswell and the CICA We will be referring to the Act in this course and you may wish to bring it to classCopyrightJoanne MageeJason Fleming4562 2Some legal statues are short and list only broad principlesThe Act is different it is detailed specific complex and very long its more than 2000 pagesand even more if you include the regulations Why is the drafting style of the Act so differentFor several reasonsa the rules have to be clear enough for taxpayers and their advisors often nonlawyers to use themb the courts have used the plain meaning approach to interpret the Act rather than the modern approach which looks at the intention of Parliament when it enacted the law For example strike pay received by workers from their unions when they are on strike is not listed in the Act so the Supreme Court of Canada in Fries 90 DTC 6662 said it was taxfreec our global economy has resulted in increasing complexity and more opportunities for avoidance transactions ie transactions that allow a taxpayer to avoid paying taxd governments use the Act as a fiscal policy instrument to influence the economy eg to increase research and development help the Canadian film industry etc 5Income Tax ResearchIn ADMS 3520 you were introduced to the various primary and secondary sources of tax law and the structure of the Act ADMS 3520 Lecture 1The primary sources are the Act and case lawIn cases of international tax tax treaties with other countries override the domestic tax law One secondary source that tax professionals use to research tax issues is a tax service or database The disk with the Beam and Laiken text contains an abridged example of a tax service CCH publishes its tax service on the web and on CDCarswell the CICA through ErnstYoung and Price Waterhouse Coopers also have a serviceYou normally have to pay extra for these and most provide a daily email providing you with updates You can also arrange to be on the Department of Finance and CRA mailing listsSome of the CA firms also have mailing lists that will provide you with email updatesThe CCH Tax Topics publication contained on the disk is probably the most popular tax publication in Canada it is published weeklyIn this course we will be using the Act as a starting point to research tax problemsThe Act has 17 Parts We will spend most of this course looking at the Divisions of Part I of the Act They areDivision A Liability for Tax Section 2residents pay Canadian tax on worldwide income and nonresidents only pay Canadian tax on certain Canadian source income CopyrightJoanne MageeJason Fleming
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