A Brief Note On The Canadian Tax Law

Our company will be opening an office in Nunavut this year. All the employment income are subject statutory deductions, CPP contributions and EI premiums from employees and the employer’s portion, income tax from employees, employees in Nunavut must be remitted the payroll tax. Here are from five aspects to explant:

Feudalism is a historical social construct where the King awarded parcels of land to the nobleman who contributed to the military (Ex, train knights, fight). As a result, each nobleman controlled their land accordingly to the animals and peasants/vassals (farmers) they were in charge of. However due to the absence of an organized law system, each nobleman held different judgments so inconsistency in penalties and sentences were prevalent. It was later brought to the King’s attention to the unfair and sometimes cruel treatments citizens endured from their nobleman and also realized that since the King didn’t deal with every law case anymore, they no longer agreed to the monarch system. This is modernly known as the Magna Carta. Feudalism was vital in shaping Canadian laws as no one is above the law today and citizens legally must be treated equally. Noticeably, military has always been relevant in history and eliminating

The Manitoba Act said that Manitoba could send in 4 member to the House Of Commons and 2 members into the Senate. It also declared that 560 000 hectares of land would be kept for the Metis families and that of people could use French or English in schools and government.

period to complete each in-class quiz. Each quiz will be graded based on 50 points.

Some of the colonists didn't want to be taxed with out thier consent, but it was such a small tax, why should it matter? The Patriots felt that they should be represented and shouldn't be taxed without being properly represented in Parliament. The Loyalists however, felt that they should be "loyal" to the King. It is only fair if the colonists pay for the war, fought to protect them.

Case 9 deals with a homeowner (the principle) who lists her property for sale and enters into an agreement with an agent to facilitate a sale with a third party. Over the course of the agency agreement a prospective buyer inspected the property but didn’t make an offer before the agency agreement expired. The legal issue that arises comes after the agency agreement expires. The prospective buyer later decided to put in an offer, which was accepted, but once discovering that the agreement between the principle and agent had expired brought legal action against the agent.

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3) Molly sells her car, valued at $30,000, to her nephew Todd for $18,000. Molly has made a taxable gift.

Once a gain or loss is recognized, a taxpayer must determine how the recognized gain or loss affects the taxpayer’s tax liability. The character depends on a combination of two factors: purpose or use of the asset and holding period. The purpose or use of the asset is important because the law does not treat all assets equally. The general use categories are: (1) trade or business, (2) for the production of income (rental activities), (3) investment, and (4) personal. Based on these criteria, we can categorize an asset into one of three groups: (1) ordinary, (2) capital, or (3) section 1231. Characterizing the gain or loss is important because all gains and losses are not equal. Ordinary gains and losses are taxed at ordinary income rates, regardless of the holding

Disposition- a transfer of ownership of the asset. The asset is either sold or relinquished.

Part I: Mandatory Long Essay Question (24 points) In The Value of A just Society, Pierre Elliott Trudeau explained that the Constitution Act of 1982’s primary goal was to protect individual rights rather than collective rights. Furthermore, he thought territorially concentrated minorities should not be given special rights. Analyse the linguistic rights and the Aboriginal rights jurisprudence since 1982 and determine if Trudeau’s constitutional objective has materialized. Your answer should be no more than 1500 words.

In Canada, there are three main government levels of taxation which are, Federal, through the Canadian Revenue Agency; Provincial / Territorial, through respective provincial/territorial finance or revenue departments; and Municipal, through local government. There are different types of taxes applied by these levels of government on consumers, wage earners, and businesses. The basic types of taxes include Income tax, derived from an individual's employment or a corporation's business revenues; Consumer taxes, imposed on the production, sale, or consumption of goods and services; Property taxes, derived from the sale and transfer of property, and Import / Export, based on the movement of goods across borders. The amount of tax each Canadian

The statement of reserves should be reviewed, since the acquisition of the tavern, through the purchase of the seller’s interest, results in the buyer, Ms. Growne accepting both known and unknown liabilities of the business prior to her ownership. In addition, by reviewing the financial statements to look at the net operating gain or loss, Ms. Growne can determine if there is a loss she can offset against her other sources of income. For some individuals, the idea of being able to offset other income with these losses incurred prior to ownership is appealing, due to the tax benefit that may result. However, if the buyer does not have significate income to be offset or is not in a higher tax brackets, this benefit of the acquisition through interest becomes less attractive. In addition, if the sellers basis in the assets are significantly less than the assets fair market value, the buyer is likely to incur greater gains on the assets in the future, resulting in a higher taxable income and leading to negative tax implication. In contrast, if the assets of the business were purchased, the buyer would not be susceptible to prior liabilities and the seller must examine their basis for each asset, compare it with the assets current market value, and incur any applicable gains or losses, intern shifting the tax consequences of an increase in

1. Income tax is generally payable annually by residents or non residents who are receiving income in Australia provided the income was derived, earned or accrued while living in Australia. The returns earned from a business operated partly in or out of the country i.e. Australia are considered to have accrued in totality from Australia. All the income earned from investments, sale of personal property or any other income is subject to taxation. (Renton, 2005)

P. L. ARYA Abstract: Income trust as a business structure became increasingly popular in Canada since 2003. Income trust structure gave companies advantage of shifting their tax burden on to the investor. The investor, on the other hand, received steady and higher than the market rate of return on invested capital and also received capital gains in the form of ‘return of capital’. When large Canadian corporations were in the process or changing their structure from public corporations to income trusts, the government of Canada in a sudden shift of policy announced that it would remove the tax advantage of income trusts and put them on equal footing with