ACCO 340- Final Exam Guide - Comprehensive Notes for the exam ( 30 pages long!)

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Taxable canadian property: land or building in cad. Individual, corp (not partnerships and sole proprietorships), trust. Individuals who own partnerships/sole proprietorships are taxed as individuals. Taxable on worldwide income if youre a canadian resident, regardless of a source( even if it was earned somewhere else) Taxable on income in a taxation year: calendar year (for individual) or any period not exceeding 53 weeks ( for corp/trust: employed in canada. 2)carried on business in canada: disposed of taxable canadian property (real property: land or building located in canada) System to collect tax: as payer remits passive source of income to investor, they remit only 75% to investor & 25% to rc. Part 13: passive sources(extern little or no effort) Residency: canada taxes based on residency not citizenships. Us citizens are subject to tax in canada and the us since the us taxes based on citizenship, so the tax treaty solves this.