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Study Guide

MGAC50H3- Midterm Exam Guide - Comprehensive Notes for the exam ( 61 pages long!)

61 Pages

Financial Accounting
Course Code
Sathees Ratnam

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[MGAC50H3] Comprehensive fall guide including any lecture notes, textbook notes and exam guides.find more resources at September 6, 2017 – Lecture 1: Introduction, Liability for Tax • Lecture changed to Tuesday 7-10 pm in room 212 • Chapters 1-5 covered in midterm • If you are not a Canadian citizen and live in Canada, do you have to pay income taxed in Canada? o Depends on how long your residency is • How do we know you have an obligation to pay taxes? • Tax legislation (Income tax Act) tells us who has to pay taxes • Government makes changes to rules, write the rules using lawyers, do loophole testing, change other legislations, CRA applies the rule • Every resident in Canada has to pay taxes (ITA) • Must pay income tax • ITA: An income tax shall be paid, as required by this Act on the taxable income for each taxation year of every person resident in Canada at any time in the year o Taxation year: January to December o Person: individuals and corporation o You are liable to pay tax in Canada if you are a resident • Residency is not based on citizenship • Residency types o Full-time resident ▪ When you have ties to the country ▪ Residency is when you start your life in the country ▪ To be a full-time resident, the tax payer should demonstrate a continuing state of relationship with Canada ▪ Taxed on worldwide income ▪ Entitled to full amount of the non-refundable credits o Deemed resident ▪ You don’t intend to live in Canada every year but you spend more than 183 days in Canada in one year, you get treated as a full-time resident and get charged income tax for that year ▪ Resident of another country ▪ If a person is sojourned (temporary residence) in Canada for 183 days or more, then that person is deemed to be a full- time resident ▪ Taxed on worldwide income ▪ Entitled to full amount of the non-refundable credits o Part-time resident ▪ If you are only a resident for part of the year find more resources at
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