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1. How and why does tax legislation exist?
2. Who is liable to pay tax in Canada and on what sources of income?
3. Describe the differences between a regressive, progressive and flat tax. Provide some examples of each in Canada.
Cynara Almendarez and Sukhman Bhathal
4. What are the differences and similarities between a sole-proprietorship, partnership, corporation, and trust?
5. Explain the tax concept of “integration”
6. Describe the ITA Section 3 ordering rules formula. How does this tie into Net Income for Tax Purposes (also known as 'Division B' income)?
7. How do you get from Net Income for Tax Purposes to Taxable Income to Tax Payable?
8. What are tax credits?
9. What is the difference between tax evasion, tax avoidance, tax planning and tax deferral? Provide some examples.
10. What is GAAR? What is the Purpose of GAAR? What are the GAAR tests?
11. What is the Alternative Minimum Tax? How is the AMT applied? Why does it exist?
12. What is the role of CRA?
13. What options are available when a taxpayer disagrees with a CRA assessment?
14. How does the CRA assess residency?
Amrick Sidhu and Manisha Soorah
15. What are the tax differences between a full-year, part-year and deemed resident?
16. How are non-residents taxed in Canada?
17. What Are the Main Purposes of International Tax Treaties?
18. What are the main deemed disposition issues when you cease to be a resident of Canada?
19. What are the main deemed acquisition issues when you become a resident of Canada?
20. What are the filing deadlines for an individual? Why are there different tax filing deadlines for different individuals? (6.4.1)
21. What are the filing and payment deadlines for an individual, a trust and a corporation?
Shubhneet Kaur Grewal
22. How are penalties and interest calculated on late payments and late filings?
23. What are prescribed rates?
24. What are instalment payments and how are they calculated for an individual?
25. What are Preparer Penalties?
26. What is an employee benefit and what are the tax implications of the most common employee benefits?
27. What is an allowance? What is a reimbursement? How are they treated differently for tax purposes?
28. Why is it important to determine if someone is an employee or self-employed and how would CRA assess it?
29. How are the following common employment deductions calculated and treated for tax purposes: legal expenses, sales expenses, automobile expenses, meals and entertainment and dues?
30. What are the general rules for deduction of home office expenses for an employee vs self-employed?
31. What are the optimal kinds of employee benefits (for both the employer and the employee)?
32. Describe scholarships and how they are treated for tax purposes
33. Who can claim the tuition credit?
34. Are foreign students in Canada eligible for residency? Are they eligible for all relevant tax credits?
35. What are tax credits that might be relevant to a typical 20-year-old student who is also working part-time?
36. What are the key rules related to an RESP?
37. What are the similarities and differences between an RRSP and a TFSA? For most students which would be a better investment vehicle?
38. How much can you deduct on RRSP? How to calculate RRSP contribution limit?
39. What is the difference between a refundable and non-refundable tax credit? Describe the tax implications of some of the more common tax credits.
40. How do you determine if something creates business income, property income or capital gain (loss)? Why is this distinction important? (6.3.2)
Gurmehar S. Grewal and Sam Newton
41. Why do we need to reconcile accounting/business income to taxable income? What are some common reconciling items?
42. What are the relevant sections of the ITA that deal with business income? Where does business income go in the S3 ordering rules?
43. What are taxable capital gains and allowable capital losses?
44. What is Personal Use Property and Listed Personal Property? What are the tax implications? Why do these rules exist?
45. How are eligible, non-eligible and capital dividends taxed in the hands of an individual? Are there any other tax implications? Why do they have different tax treatments?
46. What is the purpose of CCA? How is it calculated? Why are items typically ‘pooled’ into the same CCA class?
47. What is a Terminal Loss? What is Recapture? How are they recorded in net income for tax purposes?
48. What is the purpose of the half-year rule?
49. What is the purpose of the short-fiscal period rule?
50. Can you have a capital loss on depreciable property? If not, why not?
51. What is the Accelerated Investment Incentive and what are the basics of how it works?
52. What are some common Division ‘C’ deductions and how do they impact taxes payable?
53. What are Other Incomes and Other Deductions?
54. Describe retiring allowances and how they are treated for tax purposes.
55. Describe indirect payments and how they are treated for tax purposes.
56. Describe pension income and how it is treated for tax purposes.
57. Describe spousal support and child support payments and how they are treated for tax purposes.
58. Describe moving expenses and how they are treated for tax purposes.
Leonor Lanon and Kayleigh Budlong
59. Child Care expenses and how they are treated for tax purposes?
60. What is a non-arm’s length transaction and what are the tax implications?
61. How are charitable donations and political donations treated on a tax return? Why are they treated this way?
62. What is the OAS tax credit? What is the Claw back? How is it calculated? Why does it exist?
63. Disability Tax Credit
64. What is GST? What is the difference between GST and HST? Who pays and who charges GST? (6.7.1)
65. How are fully taxable, zero-rated and exempt supplies treated for GST purposes? (6.7.2)
66. In your own words how would you differentiate the kinds of items that are categorized as taxable, zero-rated or exempt supplies? Provide some examples of each. (6.7.2)
67. Who is required to register for GST? When are you required to register for GST? (6.7.2)
68. How is the GST payable/receivable calculated? What is the ‘quick method’ and when might it be relevant? (6.7.3)
69. What are the GST filing deadlines? What are the GST instalment and final payment deadlines? (6.7.4)
70. What are the penalties and interest for late filing of GST return? What are the penalties and interest for late instalments and final payments of GST? (6.7.4)
71. What are some GST considerations when transacting with non-residents? (6.7.6)
72. What are the GST implications on taxable benefits? (6.7.5)
Interactive content (Author: Mallika Verma, January 2020)
Interactive content (Author: Matthew Yee, January 2020)
Introductory Canadian Tax by Sam Newton and Wahaj Awan is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.