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Textbook Notes for RSM424H1 at University of Toronto St. George (UTSG)

UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter Notes - Chapter 11: Retained Earnings, Property Income, Net Income

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Net income for tax purposes (section 3 of ita) Deductions allowed to compute taxable income (division c deductions): Taxable income x x x x x xxx (xx)
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UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter Notes - Chapter 11: Double Taxation, Dividend Tax

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When a company is incorporated, an artificial person that is separate from its owner or owners is created. This artificial person is recognized by law
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UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter Notes - Chapter 11: Small Business, Dividend Tax

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Additional tax on personal services business income less. Federal tax part i of the ita (a) federal tax: (b) provincial tax: (c) combined federal and p
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UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter Notes - Chapter 13: Dividend Tax, Privately Held Company, Property Income

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If the corporation earns its manufacturing income in a province with a reduced provincial corporate rate for income subject to the federal m&p deductio
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UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter Notes - Chapter 11: Dividend Tax, Umber, Retained Earnings

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The effect of double taxation is modified by the dividend tax credit, which the individual can apply to reduce the personal tax on dividends received f
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UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter Notes - Chapter 12: Share Capital, Legal Personality, Retained Earnings

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Chapter 12 organization, capital structures, and income distributions of corporations. The process of creating a corporation requires that, at a minimu
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UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter Notes - Chapter 13: Double Taxation, Dividend Tax, Privately Held Company

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UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter 13: Chapter 13-7

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Basic federal tax 38% * taxable income. Plus refundable tax on investment income - (cid:883)(cid:882)(cid:2870)(cid:2871)% of the least of: Taxable inc
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UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter Notes - Chapter 13: Dividend Policy, Double Taxation, Privately Held Company

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UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter Notes - Chapter 12: Estate Planning, Cash Flow, Accounts Receivable

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UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter Notes - Chapter 13: Investment, Property Income, Double Taxation

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Benefits of incorporating a business: tax deferral the small business deduction (sbd) The primary advantage of incorporating a business as a ccpc is th
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UTSGRSM424H1Abraham IqbalWinter

RSM424H1 Chapter Notes - Chapter 13: Privately Held Company, Double Taxation, Investment

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Also subject to a special federal tax rate of 33% (normal rate of 28% + an additional 5%) and is not entitled to the 13% general tax reduction. It exis
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