SUMMARY - INCOME DETAILS
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1 INCOME FROM EMPLOYMENT 5 Salary and wages Salary, wages, bonus, commissions, gratuities, tips 6 Taxable benefits 6(1)(a) Lodging Professional membership dues Convention Other 6(1)(b) Personal or living expenses 6(1)(c) Director s or other fees 6(1)(d) Allocations, etc. under profit sharing plan 6(1)(e) 6(1)(k, l) 6(2, 2.1) Automobile available Standby charge Operating costs Ms: reimbursement 6(1.1) Parking costs 6(1)(f) Employment insurance 6(1)(g) Employee benefit plan 6(1)(h) Employee trust 6(1)(i) Salary deferral arrangement payments 6(1)(j) Reimbursements and awards 6(3) Payment for accepting employment 6(3.1) Amount receivable for covenant 6(4) Group term life insurance 6(6) Employment at special work site or remote location 6(9) Low-interest loan Loan x prescribed rate x days / 365 Ms: reimbursement 7 Stock option August 27, François Brouard, DBA, FCPA, FCA 1 / 7
2 INCOME FROM EMPLOYMENT Balance carry forward 8 Deductions allowed 8(1)(b) Legal expenses of employee 8(1)(c) Clergyman s residence 8(1)(d) Teachers exchange fund contribution 8(1)(e) Expenses of railway employees 8(1)(f), (4) Sales expenses 8(1)(g) Transport employee s expenses 8(1)(h, h.1), (4) Travel expenses 8(1)(i) Dues and other expenses of performing duties 8(1)(j) Motor vehicule and aircraft costs 8(1)(l.1) CPP contribution and UIA premiums 8(1)(m, m.1) Employee s registered pension plan (RPP) contributions 8(1)(m.2) Employee RCA contribution 8(1)(n) Salary reimbursement 8(1)(n.1) Reimbursement of disability payments 8(1)(o, o.1) Forfaited amounts 8(1)(p, q) Musical instrument costs Artists employment expenses 8(1)(r), (6, 7) Apprentice mechanics tool 8(11) Goods and service tax 8(13) Work space in home NET INCOME / LOSS FROM EMPLOYMENT / August 27, François Brouard, DBA, FCPA, FCA 2 / 7
3 INCOME FROM A BUSINESS - T2S(1) Net income per Financial Statements (F/S) / Add: Provision for income taxes (current deferred) Loss on disposal of assets Depreciation and amortization per F/S Eligible capital expenditures expensed per F/S Recapture on disposition / CEC income recapture on disposition Charitable donations T2S(2) Political donations Income tax interest and penalties Scientific research expenditures deducted per F/S Non-deductible club dues Non-deductible company pension plans Non-deductible meals and entertainment expenses Non-deductible life insurance premiums Reserves from F/S - balance at the end of the year Tax reserves deducted in prior year T2S(13) Expenses attributable to exempt income Other Deduct: Capital cost allowances claimed T2S(8) Cumulative eligible capital deduction claimed T2S(10) Terminal loss on disposition Gain on sale of assets per F/S Dividends not taxable under section 83 T2S(3) Scientific research expenses claimed in year T661 Reserves from F/S - balance at the beginning of the year Tax reserves claimed in current year T2S(13) NET INCOME / LOSS FROM A BUSINESS / August 27, François Brouard, DBA, FCPA, FCA 3 / 7
4 INCOME FROM PROPERTY 12(1)(c), (3) Interest income 12(1)(f) Insurance proceeds expended 12(1)(g) Royalties, payments based on production or use Rental income Gross rents Expenses including Capital cost allowances (CCA) / Dividends from Canadian corporations 12(1)(j) Cash dividends received 82(1) Gross-up of dividends for individuals Stock dividends 83(2) Capital dividends Mutual fund dividends 12(1)(k) Dividends from other corporations Foreign non-business income 12(1)(l) Partnership income 12(1)(n, n.1, n.2, n.3) Employees profit sharing plan, benefit plan, Forfaited salary deferral amounts, Retirement compensation arrangement 12(1)(o) Royalties Benefit confered on shareholder 15(1) Benefits other than loans 15(2) Shareholder loans Other income 20(1)(c) Interest deduction Other deduction NET INCOME / LOSS FROM PROPERTY / August 27, François Brouard, DBA, FCPA, FCA 4 / 7
5 OTHER SOURCES OF INCOME 56(1)(a, a.1), 57, 58 OAS/CPP/QPP, provincial pension plan Other pension benefits Retiring allowance Death benefit Employment insurance benefits 56(1)(b, c.2), 56.1 Support payment 56(1)(d, d.2) Annuity payments and other annuities 56(1)(e, f) Disposition of income-averaging anuity contract 56(1)(g) Supplementary unemployment benefit plan 56(1)(h) 56(1)(h.1,h.2) 56(1)(i) 56(1)(t) Registered retirement savings plan (RRSP) Home buyers plan and Lifelong learning plan Deferred profit sharing plan (DPSP) Registered retirement income fund (RRIF) 56(1)(j) Life insurance policy proceeds 56(1)(k) Apprentice tools, re proceeds 56(1)(l, l.1) Legal expenses repayment 56(1)(n), (3) 56(1)(o) 56(1)(p) 56(1)(q) 56(1)(r) 56(1)(s) 56(1)(u) 56(1)(v) 56(1)(w) 56(1)(x, y,z) Scholarships, bursaries, etc. Research grants Refund of scholarships, bursaries and research grants Education savings plan payments (ESPP) Financial assistance payments Grants under prescribed programs payments Social assistance payments Worker s compensation payments Salary deferral arrangement Retirement compensation arrangement 56(1)(aa) Benefits from a registered national arts service organization 56(2) Indirect payments Retroactive lump-sum payments Other OTHER SOURCES OF INCOME August 27, François Brouard, DBA, FCPA, FCA 5 / 7
6 NET TAXABLE CAPITAL GAINS sections Taxable capital gains Proceeds of disposition Adjusted cost base Disposition costs Gain Exemption and reserve, if any Capital gain Taxable capital gain (1/2) Net taxable capital gains on listed personal property (LPP) Proceeds of disposition Adjusted cost base Disposition costs Gain / Loss / Exemption and reserve on LPP, if any Capital gain / Capital loss on LPP Taxable capital gain on LPP / Allowable capital loss on LPP (1/2) Less: Net capital losses carryovers on LPP () Net taxable capital gain on LPP Less: Allowable capital losses Proceeds of disposition Adjusted cost base Disposition costs Capital loss Allowable capital loss (1/2) Less: Allowable business investment losses () NET TAXABLE CAPITAL GAINS (positive or 0) August 27, François Brouard, DBA, FCPA, FCA 6 / 7
7 OTHER DEDUCTIONS 60(1)(a) Capital element of annuity payments 60(1)(b, c.2), 60.1 Support payment (child and other), Repayment 60(1)(d) Interest on death duties 60(1)(e) CPP/QPP contributions on self-employed earnings 60(1)(i) Payments or payment under RRSP and RRIF 60(1)(j, j.01) 60(1)(j.1) 60(1)(j.2) 60(1)(l) Transfer of superannuation benefits Transfer of retiring allowance Transfer to spousal RRSP Transfer of refund of premiums under RRSP 60(1)(j.02) Payment to registered pension plan (RPP) 60(1)(j.03, 04, n, q, s, v.1, x), 60.2 Repayments, overpayments, refunds (pension benefits, income payments, policy loan, UI, EI, CESG) 60(1)(m, m.1) Estate tax and succession duties 60(1)(o, o.1) Legal expenses 60(1)(t, u) RCA distributions and dispositions 60(1)(v) Contribution to a provincial pension plan 60(1)(w) Tax on Old Age Security benefits (Part I.2) 61, 61.1 Payment made for income-averaging annuity 62, 64.1 Moving expenses 63, 64.1 Child care expenses 64, 64.1 Attendant care expenses 65 Allowance for oil or gas well, mine or timber limit 66, Exploration and development expenses Other OTHER DEDUCTIONS August 27, François Brouard, DBA, FCPA, FCA 7 / 7
Index. A Inventory valuation, 199. Landscaping, 209
Index A Inventory valuation, 199 Academic prize income, 134 Investigation of site, 210 Accounting net income vs. tax Landscaping, 209 net income, 41-2, 198-210 Lease cancellation cost, 209 Accounting depreciation
TOPICAL INDEX 763. Page
TOPICAL INDEX A Accounting income vs. income for tax purposes... 239-240 Accounts receivable sale... 293-294, 696 Accrued losses... 482-484 Accumulating designated income of a trust... 576 Acquisition
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CONTENTS VOLUME II VOLUME I. The detailed contents of both Volume I and II follow. The textbook is published in two Volumes:
CONTENTS The textbook is published in two Volumes: Volume I = Chapters 1 to 10 Volume II = Chapters 11 to 21 Chapter I Chapter II 1 Introduction To Federal Taxation In Canada 11 Taxable Income and Tax
CHAPTER 2 CHAPTER 1. Procedures And Administration. Introduction To Federal Taxation In Canada. xviii Table Of Contents (Volume 1)
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CONTENTS VOLUME II VOLUME I. The detailed contents of both Volume I and II follow. The textbook is published in two Volumes:
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CONTENTS CHAPTER 1. CHAPTER 1, continued CHAPTER 2. Introduction To Federal Taxation In Canada. Income Or Loss From An Office Or Employment.
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Bad debt , 259, 285, , 683, 723 Bad debt recoveries
TOPICAL INDEX A Accounting income vs. income for tax purposes... 235-236 Accounts receivable sale... 284-286, 678 Accrued losses... 464-466 Accumulating designated income of a trust... 558-559 Acquisition
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