Overview of Canadian Income Tax Standards Term Paper by Mr

Overview of Canadian Income Tax Standards
This paper presents an overview of Canada's 2012 Action Plan and its impact on income taxation.
# 152110 | 776 words | 4 sources | APA | 2012 | US
Published on Dec 30, 2012 in Business (Law) , Economics (Taxation) , Canadian Studies (Business Issues)

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The paper discusses the Canadian government's Action Plan 2012 that is aimed at facilitating growth, particularly in the area of job creation, and has the ongoing commitment to keep taxes in Canada low. The paper looks at tax avoidance through the use of Partnerships and focuses on Section 88 Bump and Section 100 of the Income Tax Act. The paper then explains how Budget 2012 has made two proposals to change Section 88 Bump and Section 100 and prevent corporations and their partnerships from avoiding payment of appropriate taxes.

An Overview of Canadian Income Taxation
Tax Avoidance Through the Use of Partnerships

From the Paper:

"As the global economy continues to recover from a world-wide recession Governments all over the world are struggling under tight austerity and money crunch problems. Canadian economy has been rebounding back and is showing economic strengths in one of the most important economic measurement barometers - employment. The Canadian government has articulated the country's budgetary needs and has mapped out the 2012 Economic Action Plan, which the government maintains would position Canada on track for future economic growth and prosperity. According to unveiled new Government documents"Economic output in Canada is now well above pre-recession levels, and more than 610,000 jobs have been created since the recovery began in July 2009, the best performance in the G-7"(.Canadian Government Statement, 2012)"

Sample of Sources Used:

  • Canadian Government Statement, (2012) Accessed on Nov 29, 2012From http://www.budget.gc.ca/2012/rd-dc/brief-bref-eng.html
  • International Monetary Fund, (Nov 3, 2011) Accessed Nov 29, 2012 From http://www.budget.gc.ca/2012/rd-dc/brief-bref-eng.html
  • Standard & Poor's, October 25, 2011} Accessed on November 29, from http://www.budget.gc.ca/2012/rd-dc/brief-bref-eng.html
  • Income Tax Act (2012) accessed on November 29, 2012 From: http://www.budget.gc.ca/2012/plan/anx4-eng.html#BITM5

Cite this Term Paper:

APA Format

Overview of Canadian Income Tax Standards (2012, December 30) Retrieved March 03, 2024, from https://www.academon.com/term-paper/overview-of-canadian-income-tax-standards-152110/

MLA Format

"Overview of Canadian Income Tax Standards" 30 December 2012. Web. 03 March. 2024. <https://www.academon.com/term-paper/overview-of-canadian-income-tax-standards-152110/>