BU357 Chapter Notes - Chapter 1: Tax Avoidance, Net Income, Property Income
Document Summary
Primary source: income tax act: reference: section (subsection) (paragraph) (sub paragraph) (clause, 6 (1) (b) (i) (a) Other sources: income tax application rules 1971. These rules are largely for the transition from pre-1972 act and its systems of tax to the current act. Also includes the introduction of capital gains: income tax regulations. Set out to handle various specific situations and carry on general purposes and provisions of the act. These regulations are part of the law: tax treaties. Negotiated with other countries to reduce double taxation and tax avoidance. Should be the first item viewed when dealing with cross- border transactions as it overrides income tax act: tax cases. Looking at similar situations that have been appealed to the court in determining tax decisions. Several situations are the same and are published to help make court decisions. Not all cases are the same and slight differences can change the outcome drastically: bulletins, circulars, ruling, published by cra.
