Matching
For each of the key terms listed, indicate the BEST definition of that term, or that none of the definitions apply.
Premises:
Foreign Accrual Property Income
Competent Authority
Taxable Canadian Property
Foreign Affiliate
Tax Haven
Double Taxation
Source Jurisdiction Approach
International Taxation
Responses:
A non-resident corporation in which a Canadian taxpayer has an equity percentage of at least 1 percent and the aggregate equity percentages of the taxpayer and any related parties must be at least 10 percent.
A reference to situations in which the individual or corporation is subject to taxation in more than one jurisdiction.
A reference to situations in which the same stream of Income is subject to tax a second time.
These assets are distinguished by the fact that gains on their disposition are taxable without regard to the residence of the selling taxpayer.
A non-resident corporation in which a Canadian corporation has an equity percentage of at least 1 percent and the aggregate equity percentages of the investor and any related parties must be at least 10 percent.
Income of a controlled foreign affiliate from property, income from inactive businesses, taxable capital gains from properties not used in an active business, and income from an investment business.
None of the definitions apply. (This answer can be used more than once.)
An international taxation approach under which a country taxes all income earned by its residents, without regard to the country in which that Income is earned.
Income and other types of taxation related to transactions and events that take place in multiple jurisdictions.
Income of a foreign investment entity from property, income from inactive businesses, taxable capital gains from properties not used in an active business, and income from an investment business.
An individual, usually a lawyer, who has competence in dealing with international trade disputes.
A foreign country used to avoid or reduce income taxes, especially by investors from another country.
A bilateral agreement between two countries which establishes rules for dealing with cross-jurisdictional tax issues.
An authorized representative of a country's tax organization that helps resolve taxpayer disputes by negotiating with the other country on matters not adequately addressed by the tax treaty.
An international taxation approach under which a country taxes all Income earned within its borders, without regard to whether it is earned by residents or non-residents.
Correct Answer:
Premises:
Responses:
A non-resident corporation in which a Canadian taxpayer has an equity percentage of at least 1 percent and the aggregate equity percentages of the taxpayer and any related parties must be at least 10 percent.
A reference to situations in which the individual or corporation is subject to taxation in more than one jurisdiction.
A reference to situations in which the same stream of Income is subject to tax a second time.
These assets are distinguished by the fact that gains on their disposition are taxable without regard to the residence of the selling taxpayer.
A non-resident corporation in which a Canadian corporation has an equity percentage of at least 1 percent and the aggregate equity percentages of the investor and any related parties must be at least 10 percent.
Income of a controlled foreign affiliate from property, income from inactive businesses, taxable capital gains from properties not used in an active business, and income from an investment business.
None of the definitions apply. (This answer can be used more than once.)
An international taxation approach under which a country taxes all income earned by its residents, without regard to the country in which that Income is earned.
Income and other types of taxation related to transactions and events that take place in multiple jurisdictions.
Income of a foreign investment entity from property, income from inactive businesses, taxable capital gains from properties not used in an active business, and income from an investment business.
An individual, usually a lawyer, who has competence in dealing with international trade disputes.
A foreign country used to avoid or reduce income taxes, especially by investors from another country.
A bilateral agreement between two countries which establishes rules for dealing with cross-jurisdictional tax issues.
An authorized representative of a country's tax organization that helps resolve taxpayer disputes by negotiating with the other country on matters not adequately addressed by the tax treaty.
An international taxation approach under which a country taxes all Income earned within its borders, without regard to whether it is earned by residents or non-residents.
Premises:
A non-resident corporation in which a Canadian taxpayer has an equity percentage of at least 1 percent and the aggregate equity percentages of the taxpayer and any related parties must be at least 10 percent.
A reference to situations in which the individual or corporation is subject to taxation in more than one jurisdiction.
A reference to situations in which the same stream of Income is subject to tax a second time.
These assets are distinguished by the fact that gains on their disposition are taxable without regard to the residence of the selling taxpayer.
A non-resident corporation in which a Canadian corporation has an equity percentage of at least 1 percent and the aggregate equity percentages of the investor and any related parties must be at least 10 percent.
Income of a controlled foreign affiliate from property, income from inactive businesses, taxable capital gains from properties not used in an active business, and income from an investment business.
None of the definitions apply. (This answer can be used more than once.)
An international taxation approach under which a country taxes all income earned by its residents, without regard to the country in which that Income is earned.
Income and other types of taxation related to transactions and events that take place in multiple jurisdictions.
Income of a foreign investment entity from property, income from inactive businesses, taxable capital gains from properties not used in an active business, and income from an investment business.
An individual, usually a lawyer, who has competence in dealing with international trade disputes.
A foreign country used to avoid or reduce income taxes, especially by investors from another country.
A bilateral agreement between two countries which establishes rules for dealing with cross-jurisdictional tax issues.
An authorized representative of a country's tax organization that helps resolve taxpayer disputes by negotiating with the other country on matters not adequately addressed by the tax treaty.
An international taxation approach under which a country taxes all Income earned within its borders, without regard to whether it is earned by residents or non-residents.
Responses:
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