With respect to the calculation of Net Income For Tax Purposes, which of the following statements is not correct?
A)Subdivision e deductions are subtracted from the total of all positive sources of in- come.
B)Allowable capital losses for the year can only be deducted to the extent of taxable cap- ital gains for the year.
C)Business losses can be netted against employment income in determining the positive amounts to be included under ITA 3(a) and 3(b).
D)Property losses can only be deducted after the subtraction of Subdivision e deduc- tions.
Tax Planning

Question

Quizplus · Accepted Answer

Business losses cannot be netted against employment income in determining the positive amounts to be included under ITA 3(a) and 3(b).

With Respect to the Calculation of Net Income for Tax