Administration
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
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Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Identify that federal and provincial/territorial governments develop and maintain their respective tax laws.
- Identify the bodies responsible for administering and collecting taxes.1,2
- Explain that the tax filing system is based on self-assessment.
- Identify the processes, including timelines, that exist for tax and information returns.
- For submission of a return3
- For assessment of a return4
- For reassessment of a return by the taxpayer or taxpayer’s legal representative(s)5
- For objections or appeals to a return or reassessment6
- Explain the purpose of a personal Notice of Assessment.
- Explain the sections of a personal Notice of Assessment.
- Identify methods that may be used to obtain a personal Notice of Assessment.7
- Identify that a process exists for reassessment of an income tax return by the Canada Revenue Agency.
† Refer to Section 245 (1) – (5) of the Income Tax Act.
REFERENCES
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
---|---|---|---|---|---|---|---|---|---|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Identify that federal and provincial/territorial governments develop and maintain their respective tax laws.
- Identify the bodies responsible for administering and collecting taxes.1,2
- Explain that the tax filing system is based on self-assessment.
- Identify the processes, including timelines, that exist for tax and information returns.
- For submission of a return3
- For assessment of a return4
- For reassessment of a return by the taxpayer or taxpayer’s legal representative(s)5
- For objections or appeals to a return or reassessment6
- Explain the purpose of a personal Notice of Assessment.
- Explain the sections of a personal Notice of Assessment.
- Identify methods that may be used to obtain a personal Notice of Assessment.7
- Identify that a process exists for reassessment of an income tax return by the Canada Revenue Agency.
† Refer to Section 245 (1) – (5) of the Income Tax Act.