Estate Planning

Estate Planning

A) A process whereby bonuses are declared by a corporation in one year and paid to the owner-manager of a CCPC in a subsequent year. The objective of this process is tax deferral.
B) A notional account that tracks amounts of a non-CCPC's income that cannot be used for the payment of eligible dividends.
C) A reference to corporate shares that have a specific provision added that limits the liability of the holder to the amount of his equity investment.
D) A process of paying deductible salary to the owner-manager of a CCPC, or related parties, in order to eliminate corporate taxable income that is not eligible for the small business deduction.
E) A reference to the fact that the liability of investors in equity shares of a corporation is limited to the amount of their invested capital.
F) A notional account that tracks amounts of a CCPC's income that can be used for the payment of eligible dividends.
G) None of the definitions apply. (This answer can be used more than once.)
H) A balance that includes net taxable capital gains for the year reduced by any net capital loss carry overs deducted in the year, plus interest income, rents, and royalties.
I) The use of a group of related corporations to divide a single source of income into separate components for purposes of maximizing the small business deduction.
J) Income earned by a business carried on by a taxpayer, other than a specified investment business or a personal services business.
K) Tax planning directed towards the distribution of an individual's property at death.
L) An approach to the taxation of corporations that attempts to ensure that amounts of income that are flowed through a corporation to all of its shareholders, are subject to the same amount of tax as would be the case if the shareholders had received the income directly from its source.
M) The undertaking of legitimate transactions or arrangements with a view to avoiding or minimizing the payment of taxes.
N) A group of tax planning techniques designed to divide a given stream of income among family members or other related parties.
O) An approach to the taxation of corporations that attempts to ensure that amounts of income that are flowed through a corporation to its individual shareholders, are subject to the same amount of tax as would be the case if the individuals had received the income directly from its source.