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Self-employed persons- If you were carrying on a business in 1997 (unless the expenditures of the business are primarily in connection with a tax shelter), your 1997 income tax return has to be filed on or before June 15, 1998. ...

In connection with the subject matter of this bulletin, the current versions of the following interpretation bulletins may be of interest to the reader: IT-66 Capital Dividends IT-85 Health and Welfare Trusts for Employees IT-111 Annuities Purchased from Charitable Organizations IT-223 Overhead Expense Insurance vs. ...

In connection with the subject matter of this bulletin, the current version of one or more of the following bulletins may be of interest: IT-51 Supplies on Hand at the End of a Fiscal Period IT-153 Land Developers-- Subdivision and Development Costs and Carrying Charges on Land IT-165 Returnable Containers IT-283 Capital Cost Allowance-- Video Tapes, Videotape Cassettes, Films, Computer Software and Master Recording Media IT-302 Losses of a Corporation-- The Effect that Acquisitions of Control, Amalgamations, and Windings-up have on Their Deductibility-- After January 15, 1987 IT-328 Losses on Shares on Which Dividends Have Been Received IT-457 Election by Professionals to Exclude Work in Progress from Income IT-459 Adventure or Concern in the Nature of Trade IT-482 Capital Cost Allowance-- Pipelines IT-483 Credit Unions IT-501 Capital Cost Allowance-- Logging Assets IT-504 Visual Artists and Writers IT-526 Farming-- Cash Method Inventory Adjustments Appendix-- Depreciation in Inventory Assume Year 1 Year 2 Inventory at beginning of year $ 0 $ 20,000 Cost of sales 80,000 200,000 Inventory at end of year 20,000 25,000 Depreciation for year 5,000 10,250 Depreciation included in closing inventory 1,000 1,250 Net income for year per financial statements 50,000 90,000 Computing Net Income for Tax Purposes Net income for the year per financial statements $ 50,000 $ 90,000 Add: Depreciation included in opening inventory $ 0 $ 1,000 Depreciation for year 5,000 10,250 Less: Depreciation included in closing inventory (1,000) 4,000 (1,250) 10,000------------------------------- Net income for tax purposes before CCA $ 54,000 $ 100,000 Add: Adjustment required by paragraph 12(1)(r) $ 1,000 $ 1,250 Deduct: Adjustment required by paragraph 20(1)(ii) 0 1,000 (1,000) 250------------------------------- Net income for tax purposes before CCA $ 55,000 $ 100,250 ===== ====== Explanation of Changes Introduction The purpose of the Explanation of Changes is to give the reasons for the revisions to an interpretation bulletin. ...

Consequently, the benefit from such a loan will be included in the income in the sixth and succeeding years in the same way as a benefit arising in connection with a home purchase loan, with no off-setting deduction under paragraph 110(1)(j), but subject to the ceiling described in 17 and 18 above. ...

The term " commercial woodlot " is also used where there is an adventure in the nature of trade in connection with a woodlot (see ¶ 9), and where an amount based on the use of, or production from, a woodlot (see ¶ 10) is received. ...

Such a corporation is one approved by the Governor in Council and licensed or otherwise authorized under the laws of Canada or a province to issue investment contracts in connection with registered retirement savings plans. ¶ 4. ...

Note Form T1135, Foreign Income Verification Statement, must be filed on or before April 30, 2019, or June 17, 2019, if you or your spouse or common-law partner carried on a business in 2018 (other than a business whose expenditures are primarily in connection with a tax shelter). ...

However, file by April 30, 2018 if your business expenditures are primarily in connection with a tax shelter. ...

The following are examples of property or services that can come within the definition of "funeral services": services or supplies provided by a funeral director for the care and embalming of the deceased; a casket for the deceased; services or supplies provided by a funeral director in connection with the funeral rite for the deceased; and the transportation of the deceased. ...

Also, amounts such as taxable capital gains (that are not in the nature of income under trust rules) which were neither paid nor payable to the spouse under the terms of the trust, nor included in the spouse's income under a preferred beneficiary election, are necessarily taxed in the trust, since during the spouse's lifetime no one but the spouse may receive anything out of a qualifying spouse trust or make a preferred beneficiary election in connection with the trust's income. ¶ 14. ...