Canadian Tax Principles (2021)
Preface
2021 Rates, Credits, and Other Data
Chapter 1 Introduction to Federal Taxation in Canada
Chapter 2 Procedures and Administration
Chapter 3 Income or Loss from an Office or Employment
Chapter 4 Taxable Income and Tax Payable for Individuals
Chapter 5 Capital Cost Allowance
Chapter 6 Income or Loss from a Business
Chapter 7 Income or Loss from Property
Chapter 8 Capital Gains and Capital Losses
Chapter 9 Other Income and Deductions, and Other Issues
Introduction Coverage of Chapter 9 Subdivisions d, e, and f Other Types of Income—Subdivision d Inclusions Pension Benefits—ITA 56(1)(a)(i) Retiring Allowances—ITA 56(1)(a)(ii) A Word on the Interaction between ITA 56 and ITA 60 Death Benefits—ITA 56(1)(a)(iii) & 56(1)(a.1) Other Income—Deferred Income Plans—ITA 56(1)(h), (h.1), (h.2), (i), & (t) Scholarships, Bursaries, and Research Grants—ITA 56(1)(n) & (o) Social Assistance and Workers' Compensation—ITA 56(1)(u) & (v) Other Deductions—Subdivision e Deductions CPP Contributions on Self-Employed Earnings—ITA 60(e) & (e.1) Moving Expenses—ITA 62 General Rules Vehicle and Meal Expenses—Detailed vs. Simplified Methods Employer Reimbursements and Allowances Tax Planning Considerations Child Care Expenses—ITA 63 Basic Definitions Limits for Lower-Income Spouse or Single Parent Attendance at Boarding School or Camp When Deductible by the Higher-Income Spouse Example Disability Supports Deduction—ITA 64 Eligibility and Coverage Limits on the Amount Deducted Disability Supports Deduction vs. Medical Expense Tax Credit Complications Related to Attendant Care Costs Related Inclusions and Deductions Introduction Pension Income Splitting—ITA 56(1)(a.2), 60(c), & 60.03 General Rules Complications Spousal and Child Support—ITA 56(1)(b) & 60(b) Definitions General Income Tax Treatment Conditions for Deduction and Inclusion Additional Considerations Annuity Payments Received—ITA 56(1)(d) & 60(a) Annuities and Their Uses Capital Element of an Annuity Registered Savings Plans Introduction Tax-Free Savings Accounts (TFSAs) General Procedures Registered Education Savings Plans (RESPs)—ITA 146.1 Contributions Canada Education Savings Grants (CESGs) Canada Learning Bonds (CLBs) Types of Plans Refund of Contributions Education Assistance Payments (EAP) Accumulated Income Payments to Subscribers Comparison of TFSAs and RRSPs Comparison of TFSAs vs. RRSPs vs. RESPs Registered Disability Savings Plans (RDSPs)—ITA 146.4 The Problem The Solution Non-Arm's-Length Transactions Introduction The Problem Inadequate Considerations—ITA 69 The Problem Purpose and General Rules Example ITA 69 Override Inter Vivos Transfers to a Spouse—ITA 73(1) & (1.01) General Rules for Capital Property Electing out of the Spousal Rollover Non-Arm's-Length Transfers of Depreciable Property—ITA 13(7)(e) Situation 1—FMV Exceeds the Transferor's Capital Cost Solution to Situation 1 Situation 2—FMV Less Than the Transferor's Capital Cost The Solution to Situation 2 Inter Vivos Transfer of Farm or Fishing Property to a Child Death of an Individual Taxpayer General Rules Rollover to a Spouse, a Common-Law Partner, or a Spousal Trust Transfers of Farm or Fishing Property to a Child at Death Income Attribution Overview Basic Rules—ITA 74.1(1) & (2) The Attribution Rules Applicable to Property Income and Capital Gains Not Applicable after Death of Transferor Not Applicable to Business Income Summary of Rules Avoiding Income Attribution Example Income Attribution—Non-Arm's-Length Loans (ITA 56(4.1)) Tax Planning and Income Attribution References Chapter 10 Retirement Savings and Other Special Income Arrangements
Chapter 11 Taxable Income and Tax Payable for Individuals Revisited
Chapter 12 Taxable Income and Tax Payable for Corporations
Chapter 13 Taxation of Corporate Investment Income
Chapter 14 Other Issues in Corporate Taxation
Chapter 15 Corporate Taxation and Management Decisions
Chapter 16 Rollovers Under Section 85
Chapter 17 Other Corporate Rollovers and Sale of a Corporate Business
Chapter 18 Partnerships
Chapter 19 Trusts and Estate Planning
Chapter 20 International Issues in Taxation
Chapter 21 GST/HST
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