MGAC50H3 Chapter Notes - Chapter 3: Employment Contract, Mobile Phone, Vehicle Insurance

• School: UTSC
• Department: Financial Accounting
• Course: MGAC50H3
• Professor: Sathees Ratnam

Document Summary

Integration test: examines whether individual doing work is economically dependent on organization. Employee receives cash from supplier cash received by virtue of. Use of condo by senior employee condo owned and maintained by. Use of condo by senior employee condo costs covered by corporation employment - taxable benefit. Sales person primary beneficiary is employer: non-taxable benefit. Ceo pays all costs associated with condo and is not deducting costs: non-taxable benefit. Imputed interest only deductible is amount qualifies under all specific conditions of provisions: home purchase loans. Interest rate limited to lesser of: prescribed rate for the quarter while loan is outstanding, prescribed rate in effect at time of loan, often referred to as. Include employee benefit equal to (cid:2170)(cid:2203)(cid:2195)(cid:2184)(cid:2187)(cid:2200) (cid:2197)(cid:2188) (cid:2201)(cid:2190)(cid:2183)(cid:2200)(cid:2187)(cid:2201) (cid:2187)(cid:2206)(cid:2187)(cid:2200)(cid:2185)(cid:2191)(cid:2201)(cid:2187)(cid:2186) (cid:2197)(cid:2198)(cid:2202)(cid:2191)(cid:2197)(cid:2196) (cid:2198)(cid:2200)(cid:2191)(cid:2185)(cid:2187)] (cid:2170)(cid:2203)(cid:2195)(cid:2184)(cid:2187)(cid:2200) (cid:2197)(cid:2188) (cid:2201)(cid:2190)(cid:2183)(cid:2200)(cid:2187)(cid:2201) (cid:2201)(cid:2197)(cid:2194)(cid:2186) [(cid:2198)(cid:2200)(cid:2197)(cid:2185)(cid:2187)(cid:2187)(cid:2186)(cid:2201) (cid:2197)(cid:2188) (cid:2186)(cid:2191)(cid:2201)(cid:2198)(cid:2197)(cid:2201)(cid:2191)(cid:2202)(cid:2191)(cid:2197)(cid:2196) If employee granted options that were not in money at grant date: partial deduction equal to one-half of employment income, canadian-controlled private corporations inclusion.