[RSM324H1] - Final Exam Guide - Comprehensive Notes for the exam (86 pages long!)
Document Summary
When in conflict with the income tax act the international treaty takes precedence. Interpretations made public through interpretation bulletins and information circulars. Interpretations are not law and can be disputed through the court system. They reflect current assessment policy and should always be an important factor. Required to pay rate of tax on its taxable income in each taxation year. Framework: each entity subject to tax determines its taxable income on the basis of a taxation. Income for each entity includes and is restricted to the world income generated from 5 general categories. These items are referred to as division c deductions. This total is referred to as taxable income and is the base to which the rate of tax is applied. Ti = net income division c deductions. Income determined and assessed on the basis of an entity"s taxation year. Taxation period is regarded as its fiscal period but cant exceed 53 weeks.
