Subject category:
Finance, Accounting and Control
Published by:
Ivey Publishing
Version: 2019-09-11
Revision date: 16-Oct-2019
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https://casecent.re/p/14771
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Abstract
Variations in tax impact make it essential to know a person's tax status for personal financial planning and the structuring of business transactions. A broad overview of the Canadian income tax system is presented in this note along with descriptions of various types of taxable receipts. Key messages are: that different types of income are often taxed differently; that same types of income are often taxed differently depending on the entity that receives it; and that the amount of income tax varies based on the level of income the taxpayer earns.
About
Abstract
Variations in tax impact make it essential to know a person's tax status for personal financial planning and the structuring of business transactions. A broad overview of the Canadian income tax system is presented in this note along with descriptions of various types of taxable receipts. Key messages are: that different types of income are often taxed differently; that same types of income are often taxed differently depending on the entity that receives it; and that the amount of income tax varies based on the level of income the taxpayer earns.