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Taxes

Base cost

"Good morning class, today we will be discussing an important concept in finance known as 'cost basis'. This term is used in capital gains tax legislation to refer to the original cost of an asset to its owner. In simpler terms, it is the amount of money paid to acquire an asset. Understanding this concept is crucial as it directly affects the calculation of capital gains tax. Let's dive deeper into this topic and explore its implications."

Income splitting

A key concept in finance is the utilization of arrangements where income, that would have been subjected to a higher tax rate if received by the original earner, is instead ...

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Field audit

This is known as a field audit. A crucial aspect of tax compliance is the field audit, where tax authorities assess a taxpayer's tax return at their place of business. This...

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Exchange of information

In the world of finance, tax treaties play a crucial role in ensuring the proper exchange of information between countries. These treaties often include a provision that all...

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Deficiency

One essential concept in finance is the concept of tax liability. This refers to the amount of tax that a taxpayer is required to pay to the government for a specific taxabl...

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