BUS 329 Chapter Notes - Chapter 1: Digital Library, Property Income, Net Income
14 Oct 2016
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. 7 billion in 2016/17: personal income (50. 0%, corporate income (13. 2%, gst (11. 6%) Progressive systems: canadian system, vie(cid:449)ed as a fair syste(cid:373), (cid:449)ith i(cid:374)di(cid:448)idual"s ability to pay. Regressive systems: everyone pays the same percentage of tax, regardless of the income levels, with a flat rate. Equity high income individuals and corporation paying little tax. Balance between sectors heavy reliance on personal income tax. Complexity canada system becomes more complex every year. Dependability of revenues too much reliance on the resource sector. International competitiveness good for corporations, but not for individuals. Part i through xvii: parts, divisions, subdivisions, sections, subsections, paragraphs, subparagraphs, clauses, sub-clauses (84) (1) (a) (i) (i) (a) Note that section 84 (1)(a) is different than section 84. 1 (1)(a) Division b net income for tax purposes: subdivision a employment, subdivision b business and property, subdivision c taxable capital gains/allowable capital losses, subdivision d other sources, subdivision e other deductions.
