TAX INTRODUCTION AND CONCEPT OF INCOME

Taxes are calculated based on Tax Acts, Tax Regulations and Tax Legislation. Taxes vary depending not only on the type of income earned over expenses but also the form of business.

 

Their are certain restrictions to follow when determining taxes, therefore, tax professionals are required to verify information.

 

Some areas to note:

 

  • depreciation on capital property
  • depreciation on eligible property
  • rates, classes and methods of computing
  • consequences for people working at arms (& non-arm's) length
  • cummulative, eligible amounts
  • carry forward and carry back amounts
  • allowable transfer of income
  • allowable expenses, income, deductions & credits