{ "@context": "https://schema.org", "@type": "Organization", "name": "Brainscape", "url": "https://www.brainscape.com/", "logo": "https://www.brainscape.com/pks/images/cms/public-views/shared/Brainscape-logo-c4e172b280b4616f7fda.svg", "sameAs": [ "https://www.facebook.com/Brainscape", "https://x.com/brainscape", "https://www.linkedin.com/company/brainscape", "https://www.instagram.com/brainscape/", "https://www.tiktok.com/@brainscapeu", "https://www.pinterest.com/brainscape/", "https://www.youtube.com/@BrainscapeNY" ], "contactPoint": { "@type": "ContactPoint", "telephone": "(929) 334-4005", "contactType": "customer service", "availableLanguage": ["English"] }, "founder": { "@type": "Person", "name": "Andrew Cohen" }, "description": "Brainscape’s spaced repetition system is proven to DOUBLE learning results! Find, make, and study flashcards online or in our mobile app. Serious learners only.", "address": { "@type": "PostalAddress", "streetAddress": "159 W 25th St, Ste 517", "addressLocality": "New York", "addressRegion": "NY", "postalCode": "10001", "addressCountry": "USA" } }

Source Flashcards

(7 cards)

1
Q

What section? What does it outline?

A

Section 3 - 3(a) = office, employment, business and property are recognized sources.
3(b) = capital gains

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Surrogatum principle & case law + test

A

If it looks and seems like income from a source, it is income from a source.

Tsaipriailis v The Queen - affirmed principle. Set out test… what was the payment intended to replace? Would the replaced amount have been taxable in recipients hand?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Bellingham

A

Compensation - generally acquisition of land = capital gain
Ordinary interest - interest is income from property = property
Additional = punitive = non-taxable (pain & suffering)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Schwartz

A

S 6(3) includes payments for before, during and after employment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Nexus - b/w TP and Source

A

Taxable on control of income;
Taxable on benefit of income;
Field - RRSP stolen
Buckman - embezzled funds.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Income Splitting… how/common techniques

A

Indirect payments (56(2))
Transferring rights to income (56(4))
Transfer of loan to minor (74.1)(2)
Transfer or loan to spouse (74.2)(74.1(1)) - Attribution rule, subject to benefits but income/loss still attributed to lender.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Losses - Section, carryover rule, meaning

A

3(d) - losses from employment, office, business and property are deductible
Loss carryover (s 111(1)) - provides flexibility to move around loss to better reflect aggregate.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly