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Answer the following question: Using subdivision a: Income or loss from an office or employment. The Inclusions are Section 5,6,7. The Deductions are Section 8.
Answer the following question:
Using subdivision a: Income or loss from an office or employment. The Inclusions are Section 5,6,7. The Deductions are Section 8.
Indicate which section each would belong in for example 6 (1) (a) using subdivision A.
Gifts >500 taxable |
Reimbursements - not taxable |
Discounts - not taxable unless the discount goes below the cost to the company it is taxable |
Annual professional dues for employees - not taxable |
Tax return preparation - taxable |
House loans - not taxable unless interest rate on an employee loan is less than prescribed rate |
Explain what Division E is and what is included.
For example, Division E qualify for tax credits deductible.
- EI contributions
- CPP Contributions
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