Canadian Income Taxation 2022/2023 > TEST BANKS > Byrd & Chen's Canadian Tax Principles, 2022-2023, 1s edition. Volume 1, Volume 2 by Clarence Byrd (All)

Byrd & Chen's Canadian Tax Principles, 2022-2023, 1s edition. Volume 1, Volume 2 by Clarence Byrd, Ida Chen. ISBN-13 9780137856527.

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Canadian Tax Principles, 2022-2023 (Byrd/Chen) Chapter 1 Introduction to Federal Taxation in Canada 1.1 Online Exercises 1) The major source of federal revenues is the personal income tax. Indicat... e three other types of taxes that contribute to federal revenues. Answer: The other sources of federal revenues that are shown in Figure 1-1 of the text are: • Corporate income taxes. • Non-resident income taxes. • GST. • Customs and import duties. • Other excise taxes. • EI premiums. Type: ES Topic: Federal revenue sources 2) What is the meaning of "person" when the term is used in the ITA? Answer: In the ITA, the term "person" refers to an individual, a corporation, a trust or an estate. Type: ES Topic: Definition - "Person" ITA 248(1) 3) Briefly describe the procedures used in calculating provincial or territorial income tax for individuals in other than individuals residing in Quebec. Answer: Provincial or territorial income taxes for individuals are calculated by applying a provincial or territorial income tax rates to taxable income for federal income tax purposes. Provincial or territorial personal income tax credits are then applied to the resulting gross income tax. The provincial and territorial income tax brackets may differ from the federal income tax brackets. In addition, provincial and territorial personal tax credits may be different than the federal personal tax credits. Type: ES Topic: Income tax payable - federal income tax [Show More]

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