Canadian Income Taxation 2024/2025
Award-Winning Technology
CPA Competency Map
Part 1 A Planning and Decision-Making Approach to Taxation
Chapter 1 Taxation—Its Role in Decision Making
Chapter 2 Fundamentals of Tax Planning
Part 2 An Overview of Income Determination and Tax for the Two Primary Entities
Chapter 3 Liability for Tax, Income Determination, and Administration of the Income Tax System
Chapter 4 Income from Employment
Chapter 5 Income from Business
Chapter 6 The Acquisition, Use, and Disposal of Depreciable Property
Chapter 7 Income from Property
Chapter 8 Gains and Losses on the Disposition of Capital Property—Capital Gains
Chapter 9 Other Income, Other Deductions, and Special Rules for Completing Net Income for Tax Purposes
Chapter 10 Individuals: Determination of Taxable Income and Taxes Payable
Chapter 11 Corporations—An Introduction
Part 3 The Corporate Structure
Chapter 12 Organization, Capital Structures, and Income Distributions of Corporations
Chapter 13 The Canadian-Controlled Private Corporation
Chapter 14 Multiple Corporations and Their Reorganization
Part 4 Other Forms of Business OrganizationChapter 15 Partnerships
Chapter 16 Limited Partnerships and Joint Ventures
Chapter 17 Trusts
Part 5 Selected TopicsChapter 18 Business Acquisitions and Divestitures—Assets versus Shares
Chapter 19 Business Acquisitions and Divestitures—Tax-Deferred Sales
Chapter 20 Domestic and International Business Expansion
Chapter 21 Tax Aspects of Corporate Financing
Chapter 22 Introduction to GST/HST
Chapter 23 Business Valuations
Appendix A Integration 2020
Appendix B Data Analytics (On Connect)
Index
Just as bridges connect parts of Canada together, Canadian Income Taxation: Planning and Decision Making connects tax law and its application, to business and investment transactions and decision making. Taxation is more exciting and interesting—and less complex—than it is reputed to be. This 2024-2025 Edition of Canadian Income Taxation: Planning and Decision Making is written in a manner consistent with this view. Buckwold/Kitunen/Roman/Iqbal develops the fundamental principles of the Canadian tax laws and examines their effect on business decision making and financial planning.Written in a student-friendly style and refraining, as much as possible, from the use of technical jargon and descriptions of the Income Tax Act, students begin each chapter with a clear understanding of the objectives. Students will find the chapters easy and enjoyable to read and will finish with a sound understanding of the fundamental issues. By adhering to the fundamental framework, complex issues are presented in a clear and concise manner and tied to their practical applications.
April 16, 2024, Federal Budget proposals and the changes announced in the November 22, 2023, Federal Fall Economic Statement are incorporated into all relevant chapters.
Changes to the calculation of capital cost allowance in the year depreciable assets are acquired are discussed and demonstrated in Chapter 6 and included throughout the text where appropriate.
Demonstration Questions, Review Questions, Key Concept Questions, Problems, and Cases throughout the text are updated and revised to include new topics and reflect the tax changes, providing realistic examples of the current tax environment.
All material on Connect, including the Algorithmic Questions, Algorithmic End-of-Chapter Problems, and Practice Quizzes, are updated and new questions added.
The tax rates and integration tables in Appendix A are updated to show the tax benefit or cost by province/territory of earning income through a corporation.
Indigenous Taxation in Canada in Appendix B, Data Analytics in Appendix C (online), and the Comprehensive Cases (online) have been updated where necessary.
For this edition, the bridge on the cover is the A. Murray MacKay Bridge in Nova Scotia
Highly Readable Format. Provides students with the most accessible text for the Canadian Income Taxation course.
Full Coverage of the CPA Competency Map. All the tax topics in the CPA Competency Map Knowledge Supplement are discussed in the text in a manner that is easy to understand.
Decision Making Approach. Fully explains the tax law giving students a deeper understanding of the rules and enhances their ability to apply the rules.
Author Expertise. Joan Kitunen was the co-lead author for the design and development of curriculum and supporting materials for the Elective Module in Taxation, forming part of the CPA Professional Education Program. In addition, Joan Kitunen and Bill Buckwold have both received teaching excellence awards at their respective universities. Matthew Roman, CPA, MTax, joins Bill Buckwold and Joan Kitunen as co-author. Matthew is a Senior Tax Manager at?SF Partnership LLP?in Toronto and an experienced tax lecturer. Matthew received the Chartered Professional Accountants of Canada Gold Medal for achieving the highest standing in Ontario on the?Common Final Examination (CFE). New author Abraham Iqbal brings over a decade of practical experience in public practice and industry and has been the recipient of numerous teaching awards including the Rotman Teaching Award and the CPA Canada Jeff Jutzi Memorial Award.
Wealth of Problem Material. A wealth of End-of-chapter Questions (in static and algorithmic format), Problems, and Cases encourage students to apply their knowledge.
Comprehensive Instructor Resources. An Instructor Solutions Manual with complete Income Tax Act references, Test Bank, PowerPoint slides, Solutions to Comprehensive Cases, and Sample course syllabi are available.
McGraw-Hill Connect is an award-winning digital teaching and learning solution that empowers students to achieve better outcomes and enables instructors to improve course management efficiency.
High-Quality Course Material
Our trusted solutions are designed to help students actively engage in course content and develop critical higher-level thinking skills while offering you the flexibility to tailor your course to the ways you teach and the ways your students learn.
Assignments & Automatic Grading
Connect features a question bank that you can select from to create homework, practice tests and quizzes. Dramatically reduce the amount of time you spend reviewing homework and grading quizzes, freeing up your valuable time to spend on teaching.
Analytics & Reporting
Monitor progress and improve focus with Connect’s visual and actionable dashboards. Reports are available to empower both instructors and students with real-time performance analytics.
Seamless Integration
Link your Learning Management with Connect for single sign-on and gradebook synchronization, with all-in-one ease for you and your students.