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Introductory Notes.pdf

5 Pages

Course Code
ECON 4400

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Net Income for Tax Purposes + Employment Income + Business Income - Business Loss + Property Income - Property Loss + Taxable Capital Gains which exceed allowable Capital Losses for the year - Allowable Deductions = Net Income (line 236 of T1) Employment Income – Ch 2 - Salary received + taxable benefits are taxable - Some benefits received from employment are not taxable - There are some deductions allowed against employment income Income from Business – Ch 4 + Ch 5 - Income from an unincorporated business is taxable on the Personal tax return. (An incorporated company files a Corporate tax return). - An income statement is required to be prepared with a year end of December 31 using rule
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