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Introduction
Sam Newton and Wahaj Awan
1. How and why does tax legislation exist?
Sam Newton and Marc Kampschuur
2. Who is liable to pay tax in Canada and on what sources of income?
3. Describe Qualitative Characteristics of Taxes. Provide some examples of each in Canada.
Cynara Almendarez and Marc Kampschuur
4. What are the differences and similarities between a sole-proprietorship, partnership, corporation, and trust?
Wahaj Awan and Marc Kampschuur
5. Explain the tax concept of “integration”
Eva Viernes and Marc Kampschuur
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)?
Amra Bayasgalan and Marc Kampschuur
7. How do you get from Net Income for Tax Purposes to Taxable Income to Tax Payable?
Gurveer Brar and Marc Kampschuur
8. What are tax credits?
9. What is the difference between tax evasion, tax avoidance, tax planning and tax deferral? Provide some examples.
Deepali and Marc Kampschuur
10. What is GAAR? What is the Purpose of GAAR? What are the GAAR tests?
Mingyao Geng and Marc Kampschuur
11. What is the Alternative Minimum Tax? How is the AMT applied? Why does it exist?
Sharon Basi and Marc Kampschuur
12. What is the role of CRA?
Chandhar Arvind
13. What options are available when a taxpayer disagrees with a CRA assessment?
Karen Rana
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?
Gurprem Dhaliwal
16. How are non-residents taxed in Canada?
Ritesh Dhall
17. What Are the Main Purposes of International Tax Treaties?
Jasmine Dhesi
18. What are the main deemed disposition issues when you cease to be a resident of Canada?
Md Ancher
19. What are the main deemed acquisition issues when you become a resident of Canada?
Basil Edavilayil
20. What are the filing deadlines for an individual? Why are there different tax filing deadlines for different individuals? (6.4.1)
Arshpreet Kular
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?
Gurwant Singh
23. What are prescribed rates?
Harman Hayer
24. What are instalment payments and how are they calculated for an individual?
Jeewanpreet Kaur
25. What are Preparer Penalties?
Azhar Jaffari
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?
Langsha Tao
28. Why is it important to determine if someone is an employee or self-employed and how would CRA assess it?
Arshdeep Kaur
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?
Chanpreet Kang
31. What are the optimal kinds of employee benefits (for both the employer and the employee)?
Karn Josan
32. Describe scholarships and how they are treated for tax purposes
Bobinpreet Singh
33. Who can claim the tuition credit?
Kevin Lee
34. Are foreign students in Canada eligible for residency? Are they eligible for all relevant tax credits?
Kaur Rajdeep
35. What are tax credits that might be relevant to a typical 20-year-old student who is also working part-time?
Manpreet Kaur
36. What are the key rules related to an RESP?
H. Khosa
37. What are the similarities and differences between an RRSP and a TFSA? For most students which would be a better investment vehicle?
Ashpreet Kaur
38. What is the difference between a refundable and non-refundable tax credit? Describe the tax implications of some of the more common tax credits.
39. 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
40. Why do we need to reconcile accounting/business income to taxable income? What are some common reconciling items?
Jatin Gupta
41. What are the relevant sections of the ITA that deal with business income? Where does business income go in the S3 ordering rules?
Amanda Luies
42. What are taxable capital gains and allowable capital losses?
Jasmine Marahar
43. What is Personal Use Property and Listed Personal Property? What are the tax implications? Why do these rules exist?
Raminder Sidhu
44. 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?
Wahaj Awan
45. What is the purpose of CCA? How is it calculated? Why are items typically ‘pooled’ into the same CCA class?
Daljinder Nijjar
46. What is a Terminal Loss? What is Recapture? How are they recorded in net income for tax purposes?
Gurtaj Pannu
47. What is the purpose of the half-year rule?
David Ren
48. What is the purpose of the short-fiscal period rule?
Gurvir Sahota
49. Can you have a capital loss on depreciable property? If not, why not?
Pooja Sehgal
50. What is the Accelerated Investment Incentive and what are the basics of how it works?
Addan Ayaz
51. What are some common Division ‘C’ deductions and how do they impact taxes payable?
Falak Sharma
52. What are Other Incomes and Other Deductions?
Jaydeep Shergill
53. Describe retiring allowances and how they are treated for tax purposes.
Ramneek Kaur
54. Describe indirect payments and how they are treated for tax purposes.
Sean Co
55. Describe pension income and how it is treated for tax purposes.
Karnvir Bhoonpaul
56. Describe spousal support and child support payments and how they are treated for tax purposes.
Diplesh Puria
57. Describe moving expenses and how they are treated for tax purposes.
Leonor Lanon
58. Child Care expenses and how they are treated for tax purposes?
Bhavish Toor
59. What is a non-arm’s length transaction and what are the tax implications?
Vianna Tran
60. How are charitable donations and political donations treated on a tax return? Why are they treated this way?
Arvind Harry
61. What is the OAS tax credit? What is the Claw back? How is it calculated? Why does it exist?
Pavin Hundal
62. What is GST? What is the difference between GST and HST? Who pays and who charges GST? (6.7.1)
63. How are fully taxable, zero-rated and exempt supplies treated for GST purposes? (6.7.2)
64. 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)
65. Who is required to register for GST? When are you required to register for GST? (6.7.2)
66. How is the GST payable/receivable calculated? What is the ‘quick method’ and when might it be relevant? (6.7.3)
67. What are the GST filing deadlines? What are the GST instalment and final payment deadlines? (6.7.4)
68. 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)
69. What are some GST considerations when transacting with non-residents? (6.7.6)
70. What are the GST implications on taxable benefits? (6.7.5)
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What are the GST implications on taxable benefits? (6.7.5) Copyright © by Sam Newton and Wahaj Awan is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.