Introduction to Federal Income Taxation in Canada, 45th Edition, 2024-2025

To be a successful tax adviser it is not enough to just know the technical material found in the Act and supporting materials. Tax professionals need to understand the purpose behind the rules to explain to others why the tax plan does not violate either the provision as it is written or purpose behind the provision. They also need to be able to blend a number of complex provisions into a comprehensive plan to accomplish the goals of their client or employer.

The commentary presented in this book highlights key areas of the Act. The textbook provides additional interpretation of particularly difficult provisions of the Act or elements of the common law or case law in the area. The basic concepts and principles underlying the rules of the legislation are emphasized throughout these materials. Most important for the study of income taxation, it provides fact situations or example problems which demonstrate the application of the provisions of the Act to realistic situations. In fact, the primary teaching approach used in this book is a problem-based learning approach through the discussion of example problems and exercises with solutions. These solutions demonstrate various methods of approaching actual problems in income taxation. The solutions also provide explanatory and interpretive notes, which are an important component of these materials, often expanding a topic beyond the confines of the particular facts under discussion.

While the Canadian Income Tax Act governing the federal taxation of income in Canada, is organized generally by source of income, some interpretive material available to students at the introductory level is often organized by topics which may cover elements of several sources.

Organized sequentially and based on the structure of the Income Tax Act, the Textbook and Study Guide are packed with example problems and exercises with solutions that demonstrate the various methods of approaching real-life problems in taxation.
At the beginning of each chapter of this book, the authors will provide you with what you should know, understand and explain, and be able to apply as a result of studying that chapter. The basic concepts and principles underlying the rules of the legislation are emphasized in each chapter, with explanatory and interpretive notes often expanding a topic beyond the confines of the particular facts under discussion. The 2024-20245 edition has been updated and improved.

• Annually updated content is contemporary.
• Learning Goals itemize what students will learn in each chapter.
• Examples and case guidance are easy to find and use.
• Checklists and restructured example problems guide you through each step of the process.
• Advanced content is identified with icons, enabling you to easily distinguish areas of study relevant to your knowledge level.
• Review questions, multiple choice questions, exercises and assignment problems are grouped together in the Study Guide for more efficient study.
• Assignment problems are classified into three categories that enable students to work at their knowledge level.

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