ECON 4400 Lecture Notes - Corporate Tax, Income Statement, Gain Capital

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Published on 9 Aug 2012
School
York University
Department
Economics
Course
ECON 4400
Professor
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)
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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
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Document Summary

+ taxable capital gains which exceed allowable capital. 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. An income statement is required to be prepared with a year end of december 31 using rules from the income. If there is a loss from a business, it is deductible against other income. Income from an unincorporated business is taxable on the personal tax return. (an incorporated company files a corporate tax return). Capital gains are taxable based on of the gain. Taxable capital gain = (1/2 x 1,100) Allowable capital losses are deductible against taxable capital gains only. Income from the sale of capital property such as stocks, mutual funds or land is taxable. This is investment income: interest, dividends, royalties, rental income. Interest and dividend income is listed on a t-5 slip.

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