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This form of tax, adopted by many countries, is being imposed primarily to operate as a deterrent to transfers of property as a gift, chiefly within family groups which would have the effect of reducing personal income to lower brackets and thus securing income tax assessments at rates lower than would otherwise be applicable.
The Parliament of Canada entered the field with the passage of the Business Profits War Tax Act, 1916 [17] (essentially a tax on larger businesses, chargeable on any accounting periods ending after 1914 and before 1918). [18] It was replaced in 1917 by the Income War Tax Act, 1917 [19] (covering personal and corporate income earned from 1917 ...
Tax returns in Canada refer to the obligatory forms that must be submitted to the Canada Revenue Agency (CRA) each financial year for individuals or corporations earning an income in Canada. The return paperwork reports the sum of the previous year's (January to December) taxable income, tax credits, and other information relating to those two ...
Estate in land can also be divided into estates of inheritance and other estates that are not of inheritance. The fee simple estate and the fee tail estate are estates of inheritance; they pass to the owner's heirs by operation of law, either without restrictions (in the case of fee simple), or with restrictions (in the case of fee tail). The ...
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The designation TEP after a member's name is the only widely recognised mark for professionals in the trust and estate administration industry. [ 3 ] [ 4 ] All STEP members are subject to a Code of Professional Conduct requiring them at all times to act with integrity and in a manner that inspires the confidence, respect and trust of their ...
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A formal system of equalization payments was first introduced in 1957. [7] [ Notes 1]. The original program had the goal of giving each province the same per-capita revenue as the two wealthiest provinces, Ontario and British Columbia, in three tax bases: personal income taxes, corporate income taxes and succession duties (inheritance taxes).