...Application Assignment #3 – Equilibrium and Electrochemistry According to Chemicool chelation is the “formation or presence of bonds between two or more separate binding sites within the same ligand and a single central atom” (chemicool). Chelation therapy is a process in which reduction of toxic effects of metals within the human body take place. The agents often bind to the toxic ions and form structures that are then easily excreted. Most agents are made up of atoms like Sulphur, Nitrogen and Oxygen functioning as ligand atoms. As metals release toxic substances into the human body the need for an agent to try and reduce the toxicity for our well being is necessary. Most of the heavy are toxic such as lead, copper and zinc which accumulate in the human body. The process of chelation causes a chemical reaction involving a shift of equilibrium to remove the metals before the organs get permanently damaged. The shift in equilibrium occurs because when the agent is introduced to the body to try and reduce the effects, with the body being the system it tries to re-establish equilibrium by shifting from left to right. Barium sulphate is usually made by a combination of a solution of the ions and salts of barium and sulphate. Barium being a heavy metal is highly toxic. In colour it is a white solid with a crystal structure. The reason that Barium sulphate salt is used is that the ions of Barium are opaque to x-rays and can absorb the rays much better than other compounds. Without...
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...Working Income Tax Benefit Paper for TAXX 344 Executive Summary Since 2008 most Canadians have heard about the Working Income Tax Benefit. It was introduced in 2007 by the Canadian Government as an incentive for those living on social assistance to enter the job market and those in the job market to continue working. The underlying principle is to give a reduction in income taxes to those who earn income from employment or self business to help offset the costs of entering the job market as opposed to living on social assistance. Offsetting costs such as medical and dental costs, work supplies etc. The cost of leaving social assistance and working is referred to as the welfare wall. The working income tax benefit was introduced at a low rate of $500 for individuals and $1,000 for families which considering the maximum net income cut-off amounts did not include the target audience of those who are on social assistance. Thanks to Canada's Economic Action Plan to help stimulate the economy during the Late 2000's Recession the Government provided what they called and enhancement and increased the benefit to $925 for individuals and $1,680 for families and increased the maximum net income levels to include more Canadians. The working income tax benefit is discussed in section 122.7 of the Canadian Tax Act and tax payers use Schedule 6 of the T1 tax return to calculate the benefit based on their earned income and calculates on a sliding phase in rate of 25% and phase...
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...Chapter 25 Canadian Taxation © CSI GLOBAL EDUCATION INC. (2013) 25•1 25 Canadian Taxation CHAPTER OUTLINE How does the Canadian Taxation System Work? • The Income Tax System in Canada • Types of Income • Calculating Income Tax Payable • Taxation of Investment Income • Tax-Deductible Items Related to Investment Income How are Investment Gains and Losses Calculated? • Disposition of Shares • Disposition of Debt Securities • Capital Losses • Tax Loss Selling What are Tax Deferral Plans? • Registered Pension Plans (RPPs) • Registered Retirement Savings Plans (RRSPs) • Registered Retirement Income Funds (RRIFs) • Deferred Annuities • Tax-Free Savings Accounts (TFSA) • Registered Education Savings Plans (RESPs) • Pooled Registered Pension Plans (PRPPs) What are Tax Planning Strategies? Summary 25•2 © CSI GLOBAL EDUCATION INC. (2013) LEARNING OBJECTIVES By the end of this chapter, you should be able to: 1. Describe the features of the Canadian income tax system, calculate income tax payable, and differentiate the tax treatment of interest, dividends and capital gains (and losses). 2. Calculate capital gains and capital losses and assess strategies for minimizing tax liability. 3. Describe and differentiate the different tax deferral plans and their uses. 4. Identify basic tax planning strategies and discuss their advantages. TAXES AND INVESTMENTS It is often said that there are only two certainties in life: death and taxes. Taxes are a reality of life...
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...Tax Midterm Chapter 1: Taxation- Its role in decision making Taxation and the financial decision process * Taxation is a controllable cost * Tax cost = cost of doing business * Analyzed to determine which actions or activities have a greater/lesser impact on the resulting tax cost * Each alternative= different impact on the amount of tax and the timing of the payment of tax * Even if marketing decision = direct effect on the long term tax cost of the firm → thus on profits and value * Tax= important on any decision making * Tax costs are relevant when alternative strategies are being considered * Cash flow (CF) exists only on an after-tax basis * All CF= after tax * NPV compared and ranked * Shows the actual value of the individual/corporation * Analysis can’t be of value unless the real tax impact is included * Alternative action to minimize the tax impact * After tax = % of interest x (1 – Tax rate) * 5% dividend on the equity of a “public corporation” = not deductible to the business → after tax = 5% (real cost) * Net value to individual investor subject to 45% tax rate = 3.6% (after applying dividend tax credit) The fundamental income tax structure and its complexity Taxpayers * Individuals * Corporations * Trusts | Business & investment structures * Proprietorship * Corporation * Partnership * Limited partnership * Joint venture...
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...Income Determination, and Administration © 2013 McGraw-Hill Ryerson Ltd. 1 Liability for Tax and Income Determination I. II. III. IV. Sources of Canadian Tax Law Liability for Tax Determination of Income Administration of the Income Tax System © 2013 McGraw-Hill Ryerson Ltd. I. 2 Sources of Canadian Tax Law There are three separate sources that govern income tax law in Canada: 1. Statute law: a. b. 2. 3. Federal Tax system – The Income Tax Act. Separate provincial income tax act Common law International tax conventions © 2013 McGraw-Hill Ryerson Ltd. 3 1 08/09/2012 Common Law Is an integral source of tax law. • CRA often views a transaction differently than the taxpayer. • Disputes are settled in the Canadian court system. Sufficient jurisprudence helps define and interpret tax laws. • Jurisprudence is now the primary source of definitions and interpretations. © 2013 McGraw-Hill Ryerson Ltd. 4 International Tax Conventions Reciprocal tax treaties with foreign countries in order to: a) rationalize and define the jurisdictional authority; and, b) avoid the incidence of double taxation. Tax conventions are designed to limit the right of one jurisdiction to tax income. Treaties takes precedence over Income Tax Act (“the Act”) © 2013 McGraw-Hill Ryerson Ltd. 5 Sources of Canadian Tax Law Federal tax law is the responsibility of the Department of Finance. ...
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...Taxation Self Assessment Tool 1. In 1987, Richard purchased a home in Hamilton for $135,000. After paying down the mortgage and accumulating some savings, he purchased a cottage in the Muskoka area in 1998 for $200,000. It is now early 2013 and Richard is looking to sell his home in Hamilton and move to Vancouver later this year. The Hamilton home and the Muskoka area cottage were recently appraised at $470,000 and $450,000, respectively. Richard has never been married and he spends a few weeks each year at the cottage (and will continue to do so after he moves to Vancouver). In making the optimal use of his principal residence exemption, which of the following amounts is closest to the taxable capital gain he will recognize in 2013? a. b. c. d. $0 $93,000 $97,000 $99,000 Solution: The correct response is b. Hamilton home has been owned for 27 taxation years (including both 1987 and 2013). Muskoka area cottage has been owned for 16 taxation years (including both 1998 and 2013). Average annual gain for Hamilton home = ($470,000 - $135,000) / 27 years = $12,407 Average annual gain for Muskoka area cottage = ($450,000 - $200,000) / 16 years = $15,625 The optimal solution would be to allocate as much of the principal residence exemption as possible to the property with the highest average annual gain. Therefore, allocate the principal residence exemption to the Hamilton home for all the years from 1987 to 1997, inclusive (11 years) and to the...
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...Losses for the year from an office, employment, business or property or ABIL Income for the year cannot be less than zero office, employment business property other income such other deductions as are deducted against this income. Net TCG Revenue Expenses Income Division C Deductions Taxable income Proceeds of disposition (actual or deemed) Cost of disposition Cannot be negative for the year; apply inclusion rate of 50%; can be deferred (s.85, replacement property) CGD, Net CL carryover Taxable Net Gain from LPP – the only place in the Act where losses of other years are deducted in the calculation of income as opposed to taxable income Module 8 – Capital Gains/Losses Personal – Division C and Tax Payable Employment Business AFM 362 – Taxation 1 2 Property Net TCG Dividends - Indiv Cdn Eligible Inelig For'n OI/OD TOTAL Cdn For'n Cdn For'n Employment Business Property Net TCG OI/OD ABIL Div B Div C CGD (I) Net CL Non CL Stock Option Taxable Personal DTC FTC x x x x x x +/+/+/+/+/+ + + + +/- x x x Corporate – Division C and Tax Payable Employment (PSB) Employment Business...
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...Course Schedule Course Modules Review and Practice Exam Preparation Resources Introduction to Personal & Corporate Taxation [TX1] Course description and purpose Personal & Corporate Taxation [TX1] is the first of two courses in taxation in the CGA program of professional studies. It is a level four course that focuses on topics that aim to ensure you achieve a good understanding of the general principles and concepts of the Canadian Income Tax Act (ITA), as encountered by most individuals and corporations help you develop professional skills in the application of ITA principles and concepts to solve tax problems of individuals and corporations introduce you to the basic principles of income tax planning and international taxation, and introduce you to tax preparation software to aid in tax planning and in the preparation of individual T1 income tax and benefit returns. TX1 is designed to assist you in developing professional competence and skills to determine a taxpayer’s taxation requirements, exposure, and liability evaluate tax implications of proposed and completed transactions ensure compliance with all taxation reporting and filing requirements, and analyze and advise on tax planning issues. The CGA Program of Professional Studies is designed to help you develop the competencies that are essential to a professional accountant. For information on the competencies developed and strengthened specifically in TX1 and how they relate to the course topics, see the TX1 examination...
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...Sustainable Tourism in Canada Content 1. Canadian Tourism Industry……………………………………………………..1 1.1 Canadian tourism industry introduction…………………………………...1 1.2 Canadian tourism industry structure……………………………………….1 2. Sustainable Tourism Strategy…………………………………………………...2 2.1 What is sustainable tourism policy? ..............................................................2 2.2 Reasons of the establishment of sustainable tourism policy……………….2 3. Stakeholders……………………………………………………………………...3 3.1 Federal, provincial and territorial tourism organizations………………...3 3.1.1 Non-market behaviors deployed by tourism organizations…………4 3.1.2 Market behaviors deployed by tourism organizations………………6 3.2 National Parks and Provincial Parks……………………………………….7 3.2.1 Non-market behaviors deployed by National and Provincial Parks..7 3.2.2 Market behaviors deployed by National and Provincial Parks……..8 3.3 Transportation sector (Air, Rail way, Automobile, Cruise, etc.)…………..9 3.3.1 Non-market behaviors deployed by the transportation sector…….10 3.3.2 Market behaviors deployed by the transportation sector………….11 3.4 Accommodation, food and beverage sectors………………………………12 3.4.1 Non-market behaviors deployed by accommodation, food and beverage sectors……………………………………………………..12 3.4.2 Market behaviors deployed by accommodation, food and beverage sectors………………………………………………………………...14 3.5 Travel agencies……………………………………………………………...
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...Ch.2 * What is an economic system? Business organizations exist in an economic system or environment that provides employment for workers, pays taxes to as many as three levels of government (in Canada), and supports many charities. The system in which sellers and buyers can exchange goods and services is called a market. The local farmers market is a market. Farmers bring their fruits and vegetables to a single location to attract customers to that location. A stock exchange, like the Toronto Stock Exchange, is another example of a market. This is a market in which people can buy or sell shares. This chapter will review how the different countries of the world are divided between those that follow the concepts of command economies - socialism and communism - and those that have adopted a market economic system - capitalism and a mixed economy. The pursuit of social, economic, and political goals; the treatment, use, and motivations of the workforce; and market dynamics are different under each of the two approaches. Many countries have changed their economic systems. The strength of an economic system, or the economy overall, has a major impact on business. Canada enjoys a mixed economy. As such, economic concepts such Gross Domestic Product (GDP), productivity, unemployment rates, inflation, Consumer Price Index (CPI), and the overall business cycle, need to be carefully and continuously monitored, understood, and analyzed. Learning Goals Key Concept/Learning Goal...
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...Why the Decriminalization and Legalization of Cannabis Would Improve Canadian Society Criminology 101 - Section 02 Nikaya Mirhadi-Pathon Capilano University Cannabis, the plant from which marijuana is derived, is the most widely used, produced and trafficked drug worldwide (Ducatti Flister, 2012). The decriminalization of marijuana has been a widely debated topic on a global scale as many advocate for it’s therapeutic purposes. In the city of Seattle, there are reportedly more medicinal marijuana dispensaries than Starbucks outlets. With the recent rise of dispensaries, two Washington University students are preparing to capitalize on this phenomenon by releasing an app for iPhones called Canary, billed as “Uber for marijuana” where an illegal delivery service can bring high-grade cannabis to your home within the hour (Altman, 2014). Governments world wide have invested copious amounts of money in fighting drug production and consumption, even though, the war on drugs has increased cannabis seizures, we see in countries like Canada, that regulated distribution of marijuana, has made it more readily available for both recreational and medicinal users (Ducatti Flister, 2012). Although, police within the Canadian jurisdiction are capable of pursuing criminal charges for cannabis possession for those who are distributing and consuming illegally, there is still a lack of consensus on the legal status of cannabis in Canada. Though the drug is illegal in Canada, with exceptions...
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...Untitled Document 1 of 18 http://www.cga-education.org/2014-15/PAP/Refreshers/tx1.refresher.htm TX1 Refresher Welcome to the TX1 refresher. This presentation is intended to help you review taxation concepts as you prepare for the PA1 and PA2 exams. In addition to this refresher, a more detailed review of the Personal & Corporate Taxation course is provided in the TX1 lesson summaries. To brush up on the changes to the accounting treatment of tax issues, review IAS 12 under International Financial Reporting Standards (IFRS) as well as section 3465 of the Accounting Standards for Private Enterprises (ASPE). Purpose Knowledge Horizontal and vertical thinking Ethics Legal responsibilities Income Tax Act Steps in computing income tax Source concept Distinctions Employment income versus business income Business income versus capital gain Business income versus property income Business income versus hobby Employment or office income Accounting income versus income for tax purposes Depreciation versus CCA and CECA Taxable versus non-taxable Calculating business income deductions Income from property Dividends 11/23/2014 12:12 PM Untitled Document 2 of 18 http://www.cga-education.org/2014-15/PAP/Refreshers/tx1.refresher.htm Tax integration — Corporation Tax integration — Shareholder Capital cost allowance Cumulative eligible capital amount Relationships Related Associated Connected Capital gains and losses Taxable income Tax...
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...Course MGT 201H1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 100Y1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 RSM 219H1 Term Course Title S Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y F F F F F F F F F F F F Introduction to Financial Accounting Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Management Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction to Financial Accounting Introduction...
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...should give your Canadian operations. Fortunately, there are a number of different ways to structure a business expanding into Canada. Unfortunately, so much choice makes it more difficult to choose a structure. All business structures come with pros and cons. You’ll need to do some research, talk to the experts, and determine which structure really suits the needs of your business. Here are a few types of business structures you should consider when you’re expanding into Canada. 1. Branch Office A branch office is one of the structures...
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...more money into supply chain to meet customer demand. In a short, lululemon is doing its business in an optimistic outlook. PEST Analysis (See Appendix A) Political Department of Finance Canada (2009) reported Canada introduced Economic Action Plan in January 2009. One major part of this plan is reducing tax permanently. Personal income tax falls over $1 billion for the 2009 taxation year, corporate income tax revenues fell $11.2 billion and Goods and Services Tax (GST) revenues declined $4.2 billion. Canada is one member of North American Free Trade Agreement (NAFTA), other members in NAFTA are America and Mexico. Though Canada trade with a lot of countries around the world, the major trading partner of Canada is the U.S., accounting for 77.7 percent of exports in 2008 (Ontario Canada, 2009). Economic Department of Finance Canada (2009) states Canada has been significantly affected by the global recession and Canadian economy growth began to slow in the fourth quarter of 2008. Real GDP declined by 3.7 percent in the fourth quarter of 2008. Although Canadian economy is being affected by the global recession, the Canadian economy is still...
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