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10 Cards in this Set
- Front
- Back
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Who pays taxes in Canada/Quebec?
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1 - canadian residents
2 - Quebec - if resident on last day of given taxation year |
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Sources of taxable income?
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1 - employment
2 - property income 3 - business income 4 - capital gains 5 - other 9old age security pension) |
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Effective tax rate is
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total income tax payable (the real rate)
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Marginal tax rate is...
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tax to be paid on each additional dollar
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Sequential order of calculating income taxes payable
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1 - calculate net income
2 - calculate taxable income 3 - calculate taxes payable |
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Name of tax mechanism for taxation of dividends?
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Dividend gross-up and credit system
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What is the taxable capital gain?
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50%
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What does a tax credit do?
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Reduce income taxes payable
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A non-taxable benefit paid by the employer
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REGISTERED pension plan
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Basic deduction for alternative minimum tax?
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$40,000
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