Bad debt , 259, 285, , 683, 723 Bad debt recoveries

Transcription

1 TOPICAL INDEX A Accounting income vs. income for tax purposes Accounts receivable sale , 678 Accrued losses Accumulating designated income of a trust Acquisition date of depreciable property Acquisition of control corporations Active business income (ABI) , Addition for foreign tax deduction , 461, 484 Adjusted cost base , , 184, 241, , 342, , Adjusted taxable income , 194 Administration and enforcement , 727 Affi liated persons Age credit Aggregate investment income , 474, 482, 490, Aircraft costs Allocation of taxable income per province Allowable business investment losses (ABIL) , Allowances disabled employee emergency service volunteers employment employment in a remote area living expenses part-time employee retiring Amalgamation Amounts not included in computing income Amount owing by non-residents , 189, 273 Amount payable to benefi ciary of trust

2 742 TOPICAL INDEX Amounts receivable Amounts receivable death Annual value of property Annuity payments Anti-avoidance rules , 381, 466, Appeal... 63, 65-67, 128, 727 Apprentice mechanic s tools Artist , Artists employment expense , 700 Arts, benefi ts from Assessment and reassessment Associated corporations investment income from Attendant care expense , 162 Attribution of taxable income Attribution rules exceptions special rules summary Audit for tax purposes Automobile allowance class defi ned...88 employee employer provided expenses , leased by employer operating expense benefi t partnership provided salesperson standby charge benefi t Available-for-use rule , Avoidance , 381, 408, 510, , 698, 706 Awards and prizes... 82, , 133, 135, 582, 723 B Bad debt , 259, 285, , 683, 723 Bad debt recoveries

3 TOPICAL INDEX 743 Balance due day , 379 Bankruptcy , 362, 473, 477, 567, 612, 670 Basic documents legislative and other Basic exemption Basic tax credit Benefi ciaries of trust , 559, Benefi ts, taxable and non-taxable Benefi ts to shareholders Bonds , 390 Bond conversion Books and records , 727 Borrowing money expense Branch tax , 670 Building costing $50,000 or more Bursaries Business expense , 453, , 731 Business income Business income vs. capital gains , 343 Business income vs. property income Business investment loss Business limit small business deduction , Business loss... 44, 462, 467, 538, 541 C Canada child benefi t Canada disability savings bond (CDSB) Canada disability savings grant (CDSG) Canada Pension Plan (see also CPP contribution tax credit)... 46, 53, , , 680 Canada Revenue Agency (CRA) enquiries of taxpayers Canada Savings Bonds , 356 Canadian-controlled private corporation (CCPC) , , 682 Canadian cultural property , 457 Canadian securities , 524 Cancellation of lease Capital cost , 254, , 486 Capital cost allowance (CCA) classes eligible capital property changes Class misclassifi ed property

4 744 TOPICAL INDEX reclassifi cation of property restrictions on revision of rules separate classes , taxation year Capital cost of depreciable property , 299, 395 Capital dividend account , 681 Capital gains , 234, Capital gain avoidance (section 55) , Capital gain deferral certain shares Capital gains deduction , , 626 Capital interest of a trust Capital losses , , , , 462 Capital outlay or loss Capital property , , , 717 Capital reorganization Capital surplus on hand pre Capitalizing interest Caregiver tax credit... xxxix Cash discount CCA revision Ceasing to carry on business fi scal period sale of accounts receivable sale of inventory Certifi cate before distribution (death) , 567, 670 Change of control loss carryover Change in use of a property , Charitable donations , 525 Charitable gifts , , 553 Child benefi t supplement [repealed] Child Care Benefi t (UCCB) [repealed] Child care expense Child support payments Child benefi t Children s arts tax credit... xli Children s fi tness and art tax credit... xli Classes. See Capital cost allowance Clergyman s residence

5 TOPICAL INDEX 745 Club dues Collection of income taxes Collective agreements Commercial debt , 396 Commission employee... 81, 95, , 257, 278, Computation of income , , 673 Computation of net income , , , , Computation of tax payable , , Computation of taxable income , , , 574, 579 Connected corporation Consumption taxes Control acquisition and defi nition Controlled foreign affi liate , Convention expense Convertible property (sections 51 and 51.1) Corporate emigration (subsec (4)) Corporate reorganization Corporate surtax Corporate tax payable Corporate tax rates Corporation residence Corporations private Corporations types Cost of borrowing money capitalization of interest CPP contribution tax credit , 168 Cultural gift , 457 Cumulative capital gains deduction Cumulative eligible capital (CEC) , 466, 610 Cumulative excess RRSP contribution Cumulative net investment loss (CNIL) D Damaged property Death benefi t Death of a taxpayer , , Debt , 242, 259, , , , 683, 723 Debtor s gain on settlement of debt Deceased person , , Declaration of taxpayer rights... 49

6 746 TOPICAL INDEX Deduction for payments Deduction limit RRSP Deductions at source , 81 Deductions at source non-resident Deductions from business or property income Deductions from employment income Deemed disposition by trust Deemed disposition on death , 581 Deemed disposition on leaving Canada Deemed dividend section Deemed rental income Deemed non-resident Deemed resident , 178 Deferred income plan Deferred income plan trust Deferred profi t sharing plan (DPSP) Defi ned benefi t pension plan Dependant credit , 192 Depreciable property , Depreciable property held on December 31, Depreciable property available-for-use rules , 702 Depreciation Directors and other fees Disability credit Disability savings plan Disabled employees Disability supports deduction Discount on certain obligations Discounted bonds Disposition costs of capital property Disposition of capital property , 343, 356, 393, 442, 557 Disposition of property by legal representative Distribution from capital dividend account Dividend income Dividend on preferred share Dividend rental arrangement , 459 Dividend refund to corporation , 502 Dividend tax credit Donation , 456, 457, 525

7 TOPICAL INDEX 747 Doubtful debt , 259 Dues and other expenses of performing duties E Earned income (for RRSP) Ecological gift , 457 Education savings plan (RESP) , Education credit Elderly people , 698 Election February 22, pension income earned by non-residents (section 217) section section specifi ed leasing property Electronic equipment separate class Emergency service volunteers Emigration , 573, Employee benefi t plan , , 245 Employee profi t sharing plans (EPSP) , 245 Employee stock options , 441, 574, 579 Employee trust , Employment benefi ts Employment credit...159, 701 Employment income Employment insurance benefi ts... 94, 118 benefi t repayment premium tax credit employee Employment insurance benefi ts... 94, 118 Enquiries by Canada Revenue Agency (CRA) Enforcement Entertainment expense Equivalent-to-spouse credit Estate freeze Excise duties Excise tax Exempt income Exempt persons

8 748 TOPICAL INDEX Expense of objection and appeal Expense of issuing shares and similar expense Expense of railway employee Exports (GST) Expropriation , F Factual residence Fair market value... 98, 173 Family caregiver credit (FCC)... xxxix Family farm corporation or partnership , 368, , , 436, Family fi shing corporation or partnership , 416 Farm loss , 462 Farm, woodlot, or fi shing property transferred to a child , Farming or fi shing qualifi ed farm property Farming or fi shing business , 252, 298, 347, 368, 462 February 22, 1994 election Federal tax abatement to corporation Federal Court of Canada appeals Filing date of return , 519 Financial assistance payment , 142 Fines and penalties First Nations taxation First-time home buyers tax credit Fiscal period , 286 Fishing. See Farming or fi shing Foreign accrual property income (FAPI) Foreign affi liate Foreign affi liate dumping Foreign business income , 469 Foreign currencies Foreign non-business income tax Foreign property income Foreign property reporting Foreign tax credit , 263, Former business property , 404

9 TOPICAL INDEX 749 G General anti-avoidance rule (GAAR) General limitation expense deduction General procedure General rate income pool (GRIP) , 686, 710 General tax reduction Gifts , , Gift of ecological property , 457 Gift to Her Majesty , Gift to institution Goods and services tax (GST) , 715, conceptual framework credit defi nitions quick method registration and collection reporting period simplifi ed method Goodwill , 677, 686 Government assistance Graduated rate estate (GRE) trust , 561 Gratuities (tips) Group term life insurance policy H Half-year rule Harmonized sales tax (HST) Health services plan premiums (private) History of income taxation... 3 Home accessibility tax credit Home buyers plan (HBP)... 50, 119, 215, 218, 252 fi rst-time tax credit Home offi ce , Home relocation loan... 97, 142

10 750 TOPICAL INDEX I Identical properties Illegal payments Immigration Imports (GST) , 725 Income allocated to trust benefi ciaries Income and taxable income Income attribution rules , Income averaging annuities... 68, 585 Income bond Income computation , , 673 Income earned in a province , 471 Income from a business or property Income from an offi ce/employment Income interest of a trust Income not earned in a province Income splitting , Income Tax Act (ITA) interpretation... 6 structure table of contents Income Tax Folios Income tax refund Income tax regulation (ITR) Ideal rollover Indexation Indirect ownership Indirect payment Individual absent from Canada Individual residence Individual tax rates Inducement payment Informal procedure Information Circular (IC)... 5 Information return foreign property partnership registered education savings plan Input tax credit (ITC) , 725 Instalment payments of tax by corporation

11 TOPICAL INDEX 751 Instalment payments of tax by individual Insurance agent and broker Insurance proceeds expended Integration , Interest , 95-97, , , , , , 301 Interest and property tax restriction Interest expense Interest in a partnership , Interest on indebtedness for deferred income plan Interest on loan to employee and shareholder Interest on student loan Interest on unpaid income taxes Interest paid to specifi ed non-resident Interest-free loan International banking centre Interpretation Bulletin (IT) Interpretation of the Act... 6 Inter vivos trust , 557, 560 Inventory , 245, 286, 432, 678 Investment counsel fees Investment income refundable tax Investment tax credit (ITC) , Atlantic investment tax credit capital cost , 486 deduction and carryover , 487 effect on depreciable base...183, 488 mineral exploration and development tax credit refund , scientifi c research and experimental development (SR & ED) , 486 Involuntary disposition , L Labour-sponsored funds tax credit Land acquired under a lease-option agreement Land inventory.43 2 Land transfer tax Landscaping of grounds Large corporations tax

12 752 TOPICAL INDEX Lease cancellation Leasehold improvement Lease-option agreement , 337 Leasing property CCA restriction , Leasing property separate classes Leasing property specifi ed Legal expense , employee objection or appeal other repayment Liability for tax Life estates in real property Life insurance proceeds , 510 Life insurance premium borrowing expense Lifelong learning plan (LLP) withdrawal from RRSP... 50, 119, Limited partnership Listed personal property Loan attribution rule Loan to corporation Loan to employee and shareholder Loan to minor Loan to related person Loan to trust Loss carryovers , , 525 Lottery prize... 45, 365 Low-rate income pool (LRIP) Lump-sum payments retroactive M Manufacturing and processing profi ts tax deduction (M&P) Manufacturing and processing property , 702 Median rule Medical expense tax credit Member of a religious order Mental or physical impairment credit Mineral exploration and development tax credit Minimum tax for individuals Misclassifi ed property

13 TOPICAL INDEX 753 Mortgage foreclosure Motor vehicle. See Automobile Moving expense Musical instrument owned by employee N Net capital loss , , 461 Net income , , , Nomenclature of the Act... 6 Non-arm s length sale of shares Non-arm s length transaction , Non-capital loss , Non-connected corporation Non-depreciable property held on December 31, Non-residents amounts owed by , 575 taxation Non-resident corporation carrying on business in Canada Northern residents deduction Notice of assessment Notice of objection O Objection and appeal Obligation issued at discount Offences and punishment Offi ce and employment defi nition Oil and gas , 242, 395, 540 Old age security benefi ts tax on Options Overpayment of CPP and other Overpayment of RRSP contributions Overseas employment tax credit

14 754 TOPICAL INDEX P Paid-up capital , 639, 643, , , 682 Part I tax... 39, 234, , 586 Part I.2 tax , 683 Part I.3 tax... 64, 471, 474, 512 Part II.1 tax Part III tax Part III.1 tax Part IV tax , Part IV.1 tax Part VI tax , 725 Part VI.1 tax , 459 Part X.1 tax , 212 Part X.4 tax Part XII.2 tax Part XIII tax , Part XIV tax Partner s expenses Partnerships adjusted cost base of interest in alternative method and certain reserves automobile provided by capital cost allowance and reserves capital property charitable donations computation of income discretionary power dividends expenses of partners farming fi scal period of terminated foreign income information return interest in limited loss carryovers rental income residual interest retiring partner

15 TOPICAL INDEX 755 salary special rules transfer of property Part-time employee Part-year resident Passenger vehicle. See Automobile Past service pension adjustment (PSPA) Payment of income taxes Penalties , Pension adjustment , , 222 Pension adjustment reversal (PAR) Pension income splitting Periodic payments death Permanent establishment (PE) , 332, Person defi nition Personal or living expense Personal services business , Personal tax credits Personal-use property Persons exempt from tax Political contribution tax credit , 485 Pre-1972 capital surplus on hand Pre-1986 capital loss balance Preferred benefi ciary Preferred share , 501 Prescribed interest rate... 97, 272, 332 Prepaid expense Prepaid interest Price adjustment clause Principal residence Principles of the Act... 6 Private corporations , Procedure and evidence Procedure of appeal to Tax Court of Canada general informal Proceeds of disposition , 173, 242, 302, , 322 Professional business Profi t sharing plan... 87, , , 245 Property, change in use ,

16 756 TOPICAL INDEX Property excluded from capital gain Property income , Property owned on December 31, Provincial income Provincial sales tax Public transit pass tax credit Purchase and sale of assets Purchase and sale of business Purchase and sale of shares Purpose of gaining income , 254, 262, 282 Q Qualifi ed disability trust (QDT) , 553, 561 Qualifi ed farming or fi shing property Qualifi ed small business corporation share Quebec pension plan benefi t , 118, 128, 153 Quebec (and Canada) pension plan tax credit Quebec tax abatement R Railway employee expense Real property GST...716, 733 Real property life estate in Reassessment Recapture of capital cost allowance , 309, 328, 335, 375 Reclassifi ed property Recreational club dues Recreational facilities Refundable dividend tax on hand (RDTOH) Refundable investment tax credit , 487, 660 Refundable medical expense supplement Refundable portion of Part I tax Refundable Quebec abatement , 700 Refundable school supplies tax credit Refundable tax on investment income Refunds Registered disability savings plan (RDSP) Registered education savings plan (RESP). See Education savings plan Registered pension plan (RPP) , 681

17 TOPICAL INDEX 757 Registered retirement income fund (RRIF) Registered retirement savings plan (RRSP) , Registered supplementary unemployment benefi t plan (RSUBP) Related corporation , 726 Related person Relocation expense... 97, 142 Remote area employment Remuneration defi nition unpaid Rental income, deemed Rental income partnership Rental property CCA restriction Reorganization of capital Reorganization of corporation Replacement property , 403, 418 Research and development. See SR&ED Research grant Reserves , 248, , 439, , 524, Residual interest in partnership Restricted farm loss Restrictive covenants Retirement compensation arrangement , Retiring allowance Retroactive lump-sum payments Returns , Rights or things death Rollover , chapter 17 S Salary deferral arrangement , 108, 122, , 245 Salary reimbursement Salary vs. dividends Sales expenses Scholarships School supplies tax credit. See Refundable school supplies tax credit Scientifi c research and experimental development. See SR&ED Separate classes , Separate return (death)

18 758 TOPICAL INDEX Services to be rendered Share for share exchange (section 85.1) Shareholder debt Site investigation expense Small business bond Small business corporation Small business deduction , Small business development bond Small supplier , 734 Social assistance payment Soft costs Source deductions Special work site Specifi ed investment business , 377, 473, 497 Specifi ed leasing property , 336 Specifi ed shareholder , 425, 453 Split income Spousal RRSP , Spousal trust , Spouse credit SR&ED (Scientifi c research and experimental development) , , Standby charge for automobile Structure of the Act Subsidy for acquisition of depreciable property Superfi cial loss Supplement, guaranteed income... 44, 115 Supplementary unemployment benefi t plan Support payments , Supreme Court of Canada (SCC) T T2 Form Table of contents Act, ITAR and Regulations Tax avoidance... 74, 478, 698 Tax Court of Canada (TCC) Tax credit to support elderly people Tax credits age basic

19 TOPICAL INDEX 759 Canada Pension Plan contribution , 127, caregiver charitable and similar gifts dividend education employment employment insurance , , 160 equivalent to spouse fi rst-time home buyers foreign goods and services tax home accessibility tax credit interest on student loan labour-sponsored funds medical expenses mental or physical impairment pension , personal political contribution public transit pass school supplies tax credit spouse textbook transfer to other transfer to spouse , tuition volunteer fi refi ghters Tax evasion... 71, Tax-exempt item Tax-free savings account (TFSA) Tax instalment payment Tax planning... chapter 19 Tax rates , , 475 Tax return Tax shelters Tax treaties... 4, tie-breaker rules Taxable Canadian property disposition Taxable capital gain Taxable dividend

20 760 TOPICAL INDEX Taxable income... 99, chapter 6 Taxation year: defi nition and period Taxpayers obligations Taxpayers Ombudsman Taxpayers rights Teachers exchange fund contribution Termination of partnership Testamentary trust , Textbook tax credit Thin capitalization rules Tradespeople s tool expenses Transaction at non-arm s length , Transfer back to parent Transfer of property by shareholder to corporation (section 85) Transfer of unused tax credits Transfer to a child farming or fi shing property or woodlot , Transfer to minors Transfer to spouse property Transfer to trust Transport employee s expenses Travel expenses Trusts, defi ned creation of income tax return residence taxation of types of Trustee Trust income Trust taxation Tuition fees tax credit Types of trusts U Undepreciated capital cost (UCC) , 265, Universal child care benefi t (UCCB) [repealed] Unpaid amounts reserve for Unused RRSP deduction room

21 TOPICAL INDEX 761 Unused tax credits, transfer of , 183, 655 Utilities service connection V Vacant land Valuation days Value of benefi ts employment Voluntary disclosure Voluntary disposition Volunteer fi refi ghters and other emergency volunteers... 86, 175 Volunteer fi refi ghters credit W Warranty dispositions subject to Winding-up of a Canadian corporation (subsec. 88(2)) Winding-up of a partnership , 548 Winding-up of a subsidiary (subsec. 88(1)) Withdrawal for lifelong learning RRSP Withdrawal of funds RRSP, RRIF, HBP Withholding tax... 33, 72, 234, 251 Workers compensation payment... 44, Working income tax benefi t (WITB) Z Zero-rated item Numbered 1971 receivables