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Capital Cost Allowance
Capital Cost Allowance (CCA) is the means by which Canadian businesses may claim depreciation expense for calculating taxable income under the '' Income Tax Act''. Similar allowances are in effect for calculating taxable income for provincial purposes. General rules for CCA calculation Capital property Capital property eligible for CCA excludes: * land * property the cost of which is deductible in computing the taxpayer's income * property that is described in the taxpayer's inventory * property that was not acquired for the purpose of gaining or producing income * property that was acquired by an expenditure in respect of which the taxpayer is allowed a deduction under section 37 * specified artwork and crafts acquired after November 12, 1981 * property that is a camp, yacht, lodge or golf course or facility acquired after December 31, 1974 if any outlay or expense for the use or maintenance of that property is not deductible by virtue of paragraph 18(1)(l) CCA is calculated on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Canada
In Canada, taxation is a prerogative shared between the federal government and the various provincial and territorial legislatures. Legislation Under the ''Constitution Act, 1867'', taxation powers are vested in the Parliament of Canada under s. 91(3) for: The provincial legislatures have a more restricted authority under ss. 92(2) and 92(9) for: In turn, the provincial legislatures have authorized municipal councils to levy specific types of direct tax, such as property tax. The powers of taxation are circumscribed by ss. 53 and 54 (both extended to the provinces by s. 90), and 125, which state: Nature of the taxation power in Canada Since the 1930 Supreme Court of Canada ruling in ''Lawson v. Interior Tree Fruit and Vegetables Committee of Direction'', taxation is held to consist of the following characteristics: :* it is enforceable by law; :* imposed under the authority of the legislature; :* levied by a public body; and :* intended for a public purpose. In order ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
A Canadian Pop Culture Odyssey
A, or a, is the first letter and the first vowel letter of the Latin alphabet, used in the modern English alphabet, and others worldwide. Its name in English is '' a'' (pronounced ), plural ''aes''. It is similar in shape to the Ancient Greek letter alpha, from which it derives. The uppercase version consists of the two slanting sides of a triangle, crossed in the middle by a horizontal bar. The lowercase version is often written in one of two forms: the double-storey and single-storey . The latter is commonly used in handwriting and fonts based on it, especially fonts intended to be read by children, and is also found in italic type. In English, '' a'' is the indefinite article, with the alternative form ''an''. Name In English, the name of the letter is the ''long A'' sound, pronounced . Its name in most other languages matches the letter's pronunciation in open syllables. History The earliest known ancestor of A is ''aleph''—the first letter of the Phoenician ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Society Of Management Accountants Of Canada
The Society of Management Accountants of Canada (), also known as Certified Management Accountants of Canada () and CMA Canada, awards the Certified Management Accountant designation in Canada. Activities Until September 2015, CMA Canada, through its provincial and territorial affiliates, granted the CMA professional designation in accounting and was responsible for standards-setting, accreditation and the continuing professional development of CMAs. CMAs applied expertise in accounting, management and strategy to ensure corporate accountability and help organizations maintain a long-term competitive advantage. In that regard, CMA Canada offered executive development programs, online courses, and knowledge management publications. Management Accounting Guidelines and Management Accounting Practices were published by CMA Canada to specify the best practice on key topics in management accounting. They were available for download free of charge or on CD for a nominal charge to CMAs, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CCH Canadian Limited
Wolters Kluwer Canada (previously known as CCH Canadian Limited) is one of the four operating units of Wolters Kluwer Tax & Accounting. Wolters Kluwer Canada is a provider in the area of tax, accountancy, accounting, law, human resources and financial planning. History Wolters Kluwer Canada can trace its origins back to 1931 when, as the Kingsland Company, it was responsible for numerous insurance and legal publications. In 1939 the Kingsland Company became the exclusive distributor in Canada for CCH (Commerce Clearing House), Commerce Clearing House Inc.'s loose leaf publication Canadian Tax Reports in three volumes. In 1945 the Kingsland Company and CCH jointly formed CCH Canadian Limited. In 1950, Mr. Kingsland sold his interest in the company and CCH Canadian Limited became a wholly owned affiliate of Commerce Clearing House, Inc. In 1979, CCH Canadian acquired Formules Municipales Ltée (FM), a Quebec-based company which had been supplying forms and stationery requirements ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Library Of Parliament
The Library of Parliament () is the main information repository and research resource for the Parliament of Canada. The main branch of the library sits at the rear of the Centre Block on Parliament Hill in Ottawa, Ontario. The library survived the 1916 fire that destroyed Centre Block. The library has been augmented and renovated several times since its construction in 1876, the last between 2002 and 2006, though the form and decor remain essentially authentic. The building today serves as a Canadian icon, and appears on the obverse of the Canadian ten-dollar bill. The library is overseen by the Parliamentary Librarian of Canada and an associate or assistant librarian. The Canadian Parliamentary Poet Laureate is considered to be an officer of the library. Main branch characteristics Designed by Thomas Fuller and Chilion Jones, and inspired by the British Museum Reading Room, the building is formed as a chapter house, separated from the main body of the Centre Block by a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Cost Tax Factor
The capital cost tax factor (CCTF) is a calculated value summarising the benefit in future tax savings due to Capital Cost Allowance (CCA) in Canada. CCTF allows analysts to take these benefits into account when calculating the present value of an asset. The CCTF is a constant, that is a function of the Capital Cost Allowance rate, the interest rate, and the tax rate In a tax system, the tax rate is the ratio (usually expressed as a percentage) at which a business or person is taxed. The tax rate that is applied to an individual's or corporation's income is determined by tax laws of the country and can be in .... CCTF allows the analyst to find the present value independently of the initial cost of the asset. Calculation There are two ways to calculate CCTF. The older method was replaced on November 13, 1981, but is still used for assets purchased before that date. Capital Cost Tax Factor = 1 -（td) /(i+d); t= tax rate; i= interest rate; d= capital cost allowance; Tax ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code. The IRC is organized topically into subtitles and sections, covering federal income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, effective for the laws in force as of December 1, 1873. Title 35 of the Revised Statutes was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In The United States
The United States has separate Federal government of the United States, federal, U.S. state, state, and Local government in the United States, local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, Capital gains tax in the United States, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP. Income tax in the United States, U.S. tax and transfer policies are Progressive tax, progressive and therefore reduce effective income inequality in the United States, income inequality, as rates of tax generally increase as taxable income increases. As a group, the lowest earning workers, especially those with dependents, pay no income taxes and may actually receive a small subsidy from the federal government (from child credits and the Earned Income Tax Credit). Taxes fall m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MACRS
The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States. Under this system, the capitalized cost (basis) of tangible property is recovered over a specified life by annual deductions for depreciation. The lives are specified broadly in the Internal Revenue Code. The Internal Revenue Service (IRS) publishes detailed tables of lives by classes of assets. The deduction for depreciation is computed under one of two methods (declining balance switching to straight line or straight line) at the election of the taxpayer, with limitations. SeIRS Publication 946for a 120-page guide to MACRS. History Tax deductions for depreciation have been allowed in the U.S. since the inception of the income tax. Prior to 1971, these deductions could be computed in a variety of manners over a wide range of lives, under old Bulletin F. In 1971, Congress introduced the Class Life Asset Depreciation Range (ADR) system in an attempt to simplify calcula ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Taxes In Canada
Income taxes in Canada constitute the majority of the annual revenues of the Government of Canada, and of the governments of the Provinces of Canada. In the fiscal year ending March 31, 2018, the federal government collected just over three times more revenue from personal income taxes than it did from corporate income taxes. Tax collection agreements enable different governments to levy taxes through a single administration and collection agency. The federal government collects personal income taxes on behalf of all provinces and territories. It also collects corporate income taxes on behalf of all provinces and territories except Alberta. Canada's federal income tax system is administered by the Canada Revenue Agency (CRA). Canadian federal income taxes, both personal income taxes in Canada, personal and corporate income taxes, are levied under the provisions of the ''Income Tax Act (Canada), Income Tax Act''. Provincial and territorial income taxes are levied under various prov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Shelter
Tax shelters are any method of reducing taxable income resulting in a reduction of the payments to tax collecting entities, including state and federal governments. The methodology can vary depending on local and international tax laws. Types of tax shelters Some tax shelters are questionable or even illegal: *Offshore companies. Due to differing tax rates and legislation in each country, tax benefits can be exploited. For example, if Import Co. buys $1 of goods from India and sells for $3, Import Co. will pay tax on $2 of taxable income. However, tax benefits can be exploited if Import Co. sets up an offshore subsidiary in the British Virgin Islands to buy the same goods for $1, sell the goods to Import Co. for $3 and sell it again in the domestic market for $3. This allows Import Co. to report taxable income of $0 (because it was purchased for $3 and sold for $3), thus paying no tax. While the subsidiary will have to pay tax on $2, the tax is payable to the tax authority of Brit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canuxploitation
An exploitation film is a film that seeks commercial success by capitalizing on current trends, niche genres, or sensational content. Exploitation films often feature themes such as suggestive or explicit sex, sensational violence, drug use, nudity, gore, destruction, rebellion, mayhem, and the bizarre. While often associated with low-budget "B movies", some exploitation films have influenced popular culture, attracted critical attention, gained historical significance, and developed cult followings. History While their modern form first appeared in the early 1920s, the peak periods of exploitation films were mainly the 1960s through the early 1980s, with a few earlier and later outliers. Early exploitation of the 1930s and the 1940s were often disguised as "educational" but were really sensationalist. These were shown in traveling roadshows, skirting censorship under the guise of moral instruction. 1950s saw low-budget sci-fi, monster movies, and teen rebellion films. They were s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
