Matching
For each of the key terms listed, indicate the BEST definition of that term, or that none of the definitions apply.
Premises:
Taxable Canadian Property
Source Jurisdiction Approach
Competent Authority
Double Taxation
Foreign Affiliate
Tax Haven
International Taxation
Foreign Accrual Property Income
Responses:
A bilateral agreement between two countries which establishes rules for dealing with cross-jurisdictional tax issues.
Income and other types of taxation related to transactions and events that take place in multiple jurisdictions.
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.
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.
These assets are distinguished by the fact that gains on their disposition are taxable without regard to the residence of the selling taxpayer.
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.
A foreign country used to avoid or reduce income taxes, especially by investors from another country.
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.
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.
A reference to situations in which the same stream of Income is subject to tax a second time.
Correct Answer:
Premises:
Responses:
A bilateral agreement between two countries which establishes rules for dealing with cross-jurisdictional tax issues.
Income and other types of taxation related to transactions and events that take place in multiple jurisdictions.
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.
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.
These assets are distinguished by the fact that gains on their disposition are taxable without regard to the residence of the selling taxpayer.
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.
A foreign country used to avoid or reduce income taxes, especially by investors from another country.
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.
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.
A reference to situations in which the same stream of Income is subject to tax a second time.
Premises:
A bilateral agreement between two countries which establishes rules for dealing with cross-jurisdictional tax issues.
Income and other types of taxation related to transactions and events that take place in multiple jurisdictions.
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.
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.
These assets are distinguished by the fact that gains on their disposition are taxable without regard to the residence of the selling taxpayer.
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.
A foreign country used to avoid or reduce income taxes, especially by investors from another country.
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.
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.
A reference to situations in which the same stream of Income is subject to tax a second time.
Responses:
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