Introductory Notes.pdf

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Net Income for Tax Purposes
+ Employment Income
+ Business Income
- Business Loss
+ Property Income
- Property Loss
+ Taxable Capital Gains which exceed allowable Capital
Losses for the year
- Allowable Deductions
= Net Income (line 236 of T1)
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Employment Income – Ch 2
- Salary received + taxable benefits are taxable
- Some benefits received from employment are not
taxable
- There are some deductions allowed against
employment income
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