Study Guide Byrd & Chen's Canadian Tax Principles 2022-2023 Edition (Study Guide Vol 1+2) By Gary Donell, Clarence Byrd, Ida Chen

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1. Describe the purpose of the Canadian income tax system, the principal questions answered by the Income Tax Act (ITA) pertaining to Canadian resident individuals and corporations, and the four-ste... p process used to determine one's income tax liability or refund (Paragraph [P hereafter] 1-1 to 1-9). 2. Explain the role that accounting plays in income tax (P 1-10 to 1-12). 3. List some of the different tax bases used by various levels of government to raise tax revenue (P 1-13 to 1-19) 4. List and describe the four principal entities referred to in the ITA (P 1-20 to 1-26). 5. Describe the three main ways that business is carried on and identify who is subject to income tax in each case (P 1-27 to 1-28). 6. Describe those entities that are exempt and those that are taxable (not exempt) (P 1-29 to 1-30). 7. Explain how the GST/HST differs from income tax in terms of how it is collected together with the entities that are accountable for GST/HST (P 1-31 to 1-32). 8. Explain the relationship between the assessment of taxes at the federal level and the assessment of taxes at the provincial level (P 1-33 to 1-44). 9. List some of the ways that taxation is used to achieve economic objectives (P 1-45). 10. Describe the differences between progressive, regressive, and flat tax rate systems, including some of the advantages and disadvantages of each (P 1-46 to 1-54). 11. Discuss the issue of who ultimately pays the cost of various types of taxes (P 1-55 and 1-56). 12. Explain the nature of tax expenditures (P 1-57 to 1-60). 13. Evaluate issues in tax policy on the basis of the qualitative characteristics of tax systems (P 1-61 to 1-63). 14. Describe the reference materials that are available on income tax databases (P 1-64 to 1-68). 15. Describe the general structure of the Income Tax Act (P 1-69 to 1-81 ). 16. List and explain the nature of other sources of income tax legislation (P 1-82 to 1-93). 17. Describe other sources of income tax information (P 1-94 to 1-98). 18. Describe the charging provisions of the ITA for residents and non-residents (P 1-99 to 1-115). 19. Identify the three types of residency and be able to determine the residence of an individual based on an evaluation of the facts (P 1-116 to 1-129). 20. Evaluate the residency status of an individual who is temporarily absent from Canada or is only resident for part of the year (P 1-130 to 1-148). 21. Explain how residency determinations are made for dual resident individuals and the impact of citizenship versus residency (P 1-149 to 1-155). 22. Explain and be able to apply the residency analysis for individuals (P 1-156). 23. Explain how residency is determined for corporations, deemed corporate residency, and how dual residency issues occur and how they are resolved (P 1-157 to 1-164). 24. Explain and be able to apply the general residency analysis for corporations (P 1-165). [Show More]

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