Textbook Notes (368,125)
Canada (161,663)
Finance (37)
MGFB10H3 (19)
Derek Chau (11)

Section 3.5 Notes

1 Page
Unlock Document

Derek Chau

Chapter 3 Financial Statements Notes 3.5 The Canadian Tax System Canadian taxes are levied on both personal and corporate income, but the government recognizes the potential for double taxation of income earned through a corporation and designed a partially integrated system US operates a classical system of double taxation, while Europe, by and large, operates a fully integrated system Corporate Taxes undepreciated capital cost (UCC) the undepreciated cost of assets, calculated by asset class and written off on a declining balance basis; the higher the rate, the faster the assets are depreciated one minor adjustment associated with CCA is that because it is taken on the year-end balance, Canada Revenue Agency allows only one-half of the CCA rate to be applied to net acquisitions to an asset class in the first year the assets are acquired half-year rule CRA allows only one-half of CCA rate to be applied to net acquisitions to class in 1 year assets are acquired one advantage of using CCA asset classes is that individual assets are not amortized separately, unless they are the only one in it capital gain a taxable gain incurred when an asset is sold at a price greater than its original cost capital loss a tax-deductible loss generated when a non-depreci
More Less

Related notes for MGFB10H3

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.