Textbook Notes for ADMS 3520 at York University (YORKU)

Defined as gains on disposal of capital property (assets) Capital assets are assets which are capable of earning income in the form of business profits

The exemption reduces taxable income (not employment income) Exemption is available for 5 years provided the loan to employee is still outstanding. New

Main points: section 18(1) of the income tax act lays down general limitations as regards the deductibility of the expenditure for computing the busine

Defined as gains on disposal of capital property (assets) Capital assets are assets which are capable of earning income in the form of business profits

+ taxable capital gains which exceed allowable capital. Salary received + taxable benefits are taxable. Some benefits received from employment are not

Main points: section 18(1) of the income tax act lays down general limitations as regards the deductibility of the expenditure for computing the busine

Annuity payments out of a retirement plan. Disability benefits received if your employer did not pay for the insurance. Interest expense (if loan was u

2% x cost of car x number of months. If car is leased by employer, the standby charge. 2/3 x monthly lease x number of months (exclude any insurance co

2% x cost of car x number of months. If car is leased by employer, the standby charge. 2/3 x monthly lease x number of months (exclude any insurance co

The amount calculated is the maximum cca. It does not need to be deducted if taxpayer does not want to deduct it. Capital cost allowance: year rule, re

The word business includes a profession, calling, trade, manufacture or undertaking of any kind whatever an adventure or concern in the nature of trade