This post outlines the basic organization and layout of the Income Tax Act (Canada) (“ITA”). Parts The ITA is divided into Parts from Part I to Part XIX. The more commonly encountered Parts are highlighted below. Part I, Income Tax, consists of sections 2 to 180. This Part contains the main body of the ITA.… Continue reading Structure of the Income Tax Act
Category: Income Tax Act
Subsection 50(1) election for bad debts and worthless shares
Subsection 50(1) of the Income Tax Act permits a taxpayer to make an election in their return of income for the year to deem them to have disposed of a debt or share at the end of the year for proceeds equal to nil, and to have reacquired it immediately after the end of the… Continue reading Subsection 50(1) election for bad debts and worthless shares