ACTG 3P41 Midterm: Midterm Summary Notes

• School: Brock University
• Department: Accounting
• Course: ACTG 3P41
• Professor: Jonathan Farrar

Document Summary

Division b income or net income for tax purposes = 3(a) + all income except tcg (100% taxable) 3(b) + net tcg (less acl, 50% taxable, cannot be negative) 3(c) deductions permitted in subdivision e of division b. 2(1): canadian residents are subject to tax in canada on worldwide income. 2(3): non-residents are subject to tax in canada on income from: employment in canada, carrying on business in canada, disposing of canadian property (example: land or canadian public shares) Primary ties: home in canada, spouse, common-law partner, and/or dependents in canada. Secondary ties: personal property in canada (car, social ties in canada (membership, economic ties in canada (bank account) 250(1)(a): sojourn (temporary stay) in canada for more than 183 days of the year (must stay overnight for day to count) Did individual have significant residential ties to canada: yes: resident, no: non-resident.