ACTG 4710 Chapter Notes - Chapter 1: Taxation In Canada, Regressive Tax, Sales Tax
Document Summary
Actg4710: chapter 1 introduction: the rules and criteria used in tax are derived from legislative and judicial sources, taxation influences the economy and the amount that individuals earn, spend and save. It affects the real decisions that individuals and businesses make today for future transactions: in the field of taxation, there are essentially 4 extensive areas of practise, compliance: Includes the preparation and review of personal and corporate tax returns, forms and other documents submitted to provincial and federal taxation authorities: tax planning. Scholes-wolfson framework suggests that the goal of tax planning is to maximize the return after considering all taxes and all costs. Consider how long-term profitability would be affected: legal interpretation. Interpret tax laws and research tax cases and court decisions: tax appeals and tax litigation. Tax appeals on reassessments and tax litigation require knowledge of compliance and the legal interpretation of tax laws. Provincial retail sales tax: user tax: a tax on the use of a facility/service.
