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Current CRA website
2024
R and K are based on 2024 index values for A see the Rates (R, V), income thresholds (A), and constants (K, KP) for 2024 Table 8.1 in Chapter 8. ...
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S3-F10-C2 - Prohibited Investments – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs
There are also three categories of excluded property, notably insured mortgages or hypothecs (see ¶ 2.18). ... The transitional rules described in ¶ 2.28(b) and in ¶2.34 also apply to RESPs and RDSPs. ... Application This updated Chapter, which may be referenced as S3-F10-C2, is effective May 28, 2024. ...
Current CRA website
Farming Income and the AgriStability and AgriInvest Programs Harmonized Guide – How to calculate the mandatory inventory adjustment (MIA)
Farming Income and the AgriStability and AgriInvest Programs Harmonized Guide – How to calculate the mandatory inventory adjustment (MIA) For instructions on how to fill in the following charts, see Chapter 3. Chart 1 – Cash cost of purchased inventory Enter the amount you paid by the end of the 2024 fiscal period for the specified animals you bought: Fiscal period Cash cost in your 2024 fiscal period $ Line 1 in your 2023 fiscal period $ Line 2 in your 2022 fiscal period $ Line 3 in your 2021 fiscal period $ Line 4 before your 2021 fiscal period $ Line 5 Enter the amount you paid by the end of your 2024 fiscal period for all other inventory you bought: in your 2024 fiscal period $ Line 6 in your 2023 fiscal period $ Line 7 in your 2022 fiscal period $ Line 8 in your 2021 fiscal period $ Line 9 before your 2021 fiscal period $ Line 10 Chart 2 – Value of purchased inventory for specified animals Inventory bought in your 2024 fiscal period Enter an amount that is not more than the amount from line 1 but not less than 70% of this amount. $ Line 11 Inventory bought in your 2023 fiscal period Enter an amount that is not more than the amount from line 2, but not less than 70% of the total of the value at the end of your 2023 fiscal period plus any amounts you paid in your 2024 fiscal period toward the purchase price. $ Line 12 Inventory bought in your 2022 fiscal period Enter an amount that is not more than the amount from line 3, but not less than 70% of the total of the value at the end of your 2023 fiscal period plus any amounts you paid in your 2024 fiscal period toward the purchase price. $ Line 13 Inventory bought in your 2021 fiscal period Enter an amount that is not more than the amount from line 4, but not less than 70% of the total of the value at the end of your 2023 fiscal period plus any amounts you paid in your 2024 fiscal period toward the purchase price. $ Line 14 Inventory bought before your 2021 fiscal period Enter an amount that is not more than the amount from line 5, but not less than 70% of the total of the value at the end of your 2023 fiscal period plus any amounts you paid in your 2024 fiscal period toward the purchase price. $ Line 15 Chart 3 – Value of purchased inventory for all other inventory Inventory bought in your 2024 fiscal period Enter the amount from line 6 or the fair market value, whichever is less. $ Line 16 Inventory bought in your 2023 fiscal period Enter the amount from line 7 or the fair market value, whichever is less. $ Line 17 Inventory bought in your 2022 fiscal period Enter the amount from line 8 or the fair market value, whichever is less. $ Line 18 Inventory bought in your 2021 fiscal period Enter the amount from line 9 or the fair market value, whichever is less. $ Line 19 Inventory bought before your 2021 fiscal period Enter the amount from line 10 or the fair market value, whichever is less. $ Line 20 Chart 4 – Calculation of MIA Enter the amount of your net loss from line 9969 of Form T1273 or T1274. $ Line 21 Enter the value of your inventory from Chart 2 and Chart 3: the amount from line 11 $ the amount from line 12 $ the amount from line 13 $ the amount from line 14 $ the amount from line 15 $ the amount from line 16 $ the amount from line 17 $ the amount from line 18 $ the amount from line 19 $ the amount from line 20 $ Total value of inventory $ $ Line 22 MIA – enter the amount from line 21 or line 22, whichever is less. $ Line 23 Previous page Table of contents Next page Page details Date modified: 2025-04-08 ...
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S3-F10-C1 - Qualified Investments – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs
These rules are discussed in Income Tax Folio S3-F10-C2, Prohibited Investments – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs and Income Tax Folio S3-F10-C3, Advantages – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs. ... See ¶ 1.83 and ¶ 1.86 for more details. Annuity contracts 1.47 Several types of annuity contracts are qualified investments, although some are eligible only for certain registered plans. ... Specific statutory or regulatory authority for each type of qualified investment Chapter reference Type of qualified investment (QI) Statutory or regulatory authority ¶ 1.12 money, Canadian or foreign-denominated paragraph (a) of the QI definition in section 204 ¶ 1.13 deposit with bank or trust company paragraph (a) of the QI definition in section 204 ¶ 1.14 deposit with credit union Regulation 4900(1)(g) ¶ 1.16 listed security paragraph (d) of the QI definition in section 204 ¶ 1.22 American Depository Receipt Regulation 4900(1)(w) ¶ 1.23 share of public corporation Regulation 4900(1)(b) ¶ 1.23 debt of public corporation Regulation 4900(1)(c.1) ¶ 1.25 unit of mutual fund trust Regulation 4900(1)(d) ¶ 1.26 share of mutual fund corporation Regulation 4900(1)(b) ¶ 1.27 share or unit of registered investment Regulation 4900(1)(a) ¶ 1.29 share of mortgage investment corporation Regulation 4900(1)(c) ¶ 1.30(a) debt of Government of Canada paragraph (b) of the QI definition in section 204 ¶ 1.30(b) debt of province, municipality or Crown corporation paragraph (b) of the QI definition in section 204 ¶ 1.30(c) debt of Canadian-listed corporation, mutual fund trust or limited partnership paragraph (c) of the QI definition in section 204 ¶ 1.30(d) debt of foreign-listed corporation paragraph (c) of the QI definition in section 204 ¶ 1.30(f) bankers' acceptance Regulation 4900(1)(i.2) ¶ 1.30(g) debt of authorized foreign bank paragraph (c) of the QI definition in section 204 ¶ 1.30(h) investment grade debt paragraph (c.1) of the QI definition in section 204 ¶ 1.30(i) mortgage-backed security Regulation 4900(1)(j.2) ¶ 1.33 arm’s-length mortgage Regulation 4900(1)(j) ¶ 1.36 non-arm’s-length mortgage Regulation 4900(1)(j.1) ¶ 1.38 unlisted warrants and options Regulation 4900(1)(e) ¶ 1.48 segregated fund annuity contracts paragraph (c.1) of the QI definition in subsection 146(1), paragraph (c) of the QI definition in subsection 146.1(1), paragraph (b.1) of the QI definition in subsection 146.3(1), paragraph (b) of the QI definitions in subsections 146.4(1) and 207.01(1) ¶ 1.49 RRSP annuity paragraph (c) of the QI definition in subsection 146(1) ¶ 1.50 qualified annuity paragraph (c.2) of the QI definition in subsection 146(1), paragraph (b.2) of the QI definition in subsection 146.3(1) and paragraph (c) of the QI definition in subsection 146.4(1) ¶ 1.51 gold and silver coins, bullion and certificates Regulation 4900(1)(t), (u) and (v) ¶ 1.55 small business investments Regulation 4900(6) and (14) Application This updated Chapter, which may be referenced as S3-F10-C1, is effective May 28, 2024. ...
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S3-F10-C3 - Advantages – RRSPs, RESPs, RRIFs, RDSPs, FHSAs and TFSAs
This would result in the following payments: $1,000 to the TFSA (40% × 5% × $50,000); $5,000 to the RRSP (40% × 5% × $250,000); and $4,000 to the taxable account (40% × 5% × $200,000). ... The initial RRSP advantage is $2,500 ($7,500 – (40% × 5% × $250,000)). ... Application This updated Chapter, which may be referenced as S3-F10-C3, is effective May 28, 2024. ...
Current CRA website
Self-employed Business, Professional, Commission, Farming, and Fishing Income: Chapter 5 – Losses
The part of Sharon's net farm loss that she can deduct from her other income in 2024 is either amount A or B, whichever is less: $9,200 $2,500 plus 50% × ($9,200 − $2,500) $2,500 plus 50% × $6,700 Therefore, B = ($2,500 + $3,350) = $5,850. ... Therefore, your net loss from fishing was $7,000 [$18,000 − $25,000 = ($7,000)]. ... To check if you are able to carry back or carry forward part of this loss, you subtract your other income from your net loss from fishing ($7,000 − $2,000 = $5,000). ...
Current CRA website
Employment Expenses 2024
During eligible travel periods in 2024, meal and beverage expenses incurred are deductible at 80 %. ... Bill calculated his maximum deduction for eligible tools in 2024 as follows: Maximum deduction for eligible tools = (A − B) + C where A = $4,500 B = the lesser of: 1. $4,500 2. the greater of: $2,433 ($1,000 + $1,433) $900 (5% of [$18,000 + $1,000 − $1,000]) C = $2,000 Therefore, Bill’s maximum deduction in 2024 is $4,067 ([$4,500 − $2,433] + $2,000) since it is less than his net income of $22,000 ({$18,000 + $1,000 − $1,000} + $4,000). ... Tom will complete the chart below using the following information for 2024: Monthly Lease payment $500 Lease payments made for 2024 $5,500 Number of days the car was leased in 2024 335 Manufacturer's suggested list price $28,000 HST ($43,529 x 15% = $6,529) $6,529 HST ($1,050 x 15% = $158) $158 HST ($37,000 x 15% = $5,550) $5,550 Total lease charges paid for the vehicle in 2024 $5,500 1 Total lease payments deducted for the vehicle before 2024 $0 2 Total number of days the vehicle was leased in 2024 and previous years 335 3 The manufacturer's list price $28,000 4 $43,529 + $6,529 $50,058 5 Enter the amount from line 4 or line 5, whichever is more $50,058 × 85% ► $42,549 6 ($1,050 + $158 = $1,208) x 335 = $404,680 ÷ 30 = $13,489 − line 2 ► $13,489 7 ($37,000 + $5,550 = $42,550) x $5,500 = $234,025,000 ÷ $42,549 ► $5,500 8 Tom would enter $5,500 (the lower of the amounts on line 7 and line 8) on line 27 of Form T777. ...
Current CRA website
Readout: Advisory Committee on the Charitable Sector –
Readout: Advisory Committee on the Charitable Sector – September 17, 2024 The Advisory Committee on the Charitable Sector (ACCS) met virtually on September 17, 2024. ... Robert Delaney then provided updates from the ACCS Secretariat, including a status update on the open call process for new ACCS membership, publication of ACCS Report #4, and administrative housekeeping items related to the upcoming in-person meeting scheduled for October 17 and 18, 2024. ...
Current CRA website
Readout: Advisory Committee on the Charitable Sector –
Readout: Advisory Committee on the Charitable Sector – January 29, 2024 The Advisory Committee on the Charitable Sector (ACCS) met virtually on January 29, 2024. ... The co-chairs highlighted the importance of having a meaningful and substantive discussion on the revisions that were made to the recommendations subsequent to the October meeting, particularly since there is an expectation for the committee to provide advice or recommendations to the Minister by April 30, 2024. ...
Current CRA website
Readout: Advisory Committee on the Charitable Sector –
Readout: Advisory Committee on the Charitable Sector – July 23, 2024 The Advisory Committee on the Charitable Sector (ACCS) met virtually on July 23, 2024. ...