knowledge topics
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09 Taxation
Both CFP professionals and QAFP professionals are expected to possess knowledge to allow them to complete and interpret an individual’s basic personal tax return, including identifying and explaining the income tax assessment rules for individuals, explaining the tax implications of how different types of income received by individuals may be taxed, and identifying the tax deductions and credits for which an individual may be eligible. They should further be able to identify and estimate the benefit of engaging in foundational income splitting strategies.
CFP professionals are also expected to have knowledge to allow them to identify income tax assessment rules for corporations and trusts; explain the taxation of business ownership structures and trusts, as well as those who receive income from them; evaluate capital gains deductions and deferral opportunities for individuals; and identify tax deductions that may benefit self-employed business owners. They will also be responsible for ensuring they are aware of the risks of engaging in tax shelters; explaining the method for determining if an individual is considered a US person and the tax implications of being a US person who is resident in Canada; explain the tax consequences upon the death of an individual; and evaluate the suitability of an individual engaging in an estate freeze.
Version 1.4.0, Updated 20200331
The following articles in this knowledge topic have been updated under Version 1.4.0.- Sub-Topic: Taxation of Business Ownership Structures
Article: Taxation of a Canadian Controlled Private Corporation - Sub-Topic: Income Splitting for Self-Employed Business Owners
- Sub-Topic: Estate Freezes
- Sub-Topic: Tax Consequences at Death
Article: Taxation of the Deceased
Both QAFPTM Professionals and CFP® Professionals
CFP® Professionals Only
- Sub-Topic: Taxation of Business Ownership Structures
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Foundations of Tax
Both QAFPTM Professionals and CFP® Professionals
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Relationships under Income Tax
Both QAFPTM Professionals and CFP® Professionals
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Income Tax Assessment Rules for Individuals
Both QAFPTM Professionals and CFP® Professionals
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Income Tax Assessment Rules for Corporations
CFP® Professionals Only
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Income Tax Assessment Rules for Trusts
CFP® Professionals Only
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Basic Income for Tax Purposes
Both QAFPTM Professionals and CFP® Professionals
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Taxation for First Nations People in Canada
read more
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Non-Taxable Income and Receipts
read more
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Interest Income Received by Investors
read more
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Income Received by Students
read more
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Income Received by Seniors
read more
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Income Received by Individuals
read more
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Capital Gains for Investors
read more
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Income Received from Pensions or Registered Savings Plans
read more
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Income Received by Individuals with a Disability
read more
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Capital Losses for Investors
read more
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Income Received by Employees
read more
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Dividend Income Received by Investors
read more
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Other Income for Tax Purposes
CFP® Professionals Only
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Income Received by Self-Employed Business Owners
CFP® Professionals Only
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Tax Deductions and Tax Credits for Individuals
Both QAFPTM Professionals and CFP® Professionals
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Federal Tax Deductions and Credits for Students
read more
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Federal Tax Deductions and Credits for Employees
read more
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Federal Tax Deductions and Credits for Seniors
read more
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Federal Tax Deductions and Credits for Individuals with a Disability
read more
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Federal Tax Deductions and Credits for Families and Caregivers
read more
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Federal Tax Deductions and Credits Associated with Pensions and Registered Savings Plans
read more
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Provincial and Territorial Tax Deductions and Credits for Individuals
read more
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Foundations of Tax Deductions and Credits
read more
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Federal Tax Deductions and Credits for Individuals
read more
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Tax Deductions for Self-Employed Business Owners
CFP® Professionals Only
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Income Attribution
Both QAFPTM Professionals and CFP® Professionals
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Foundations of Income Splitting for Individuals
Both QAFPTM Professionals and CFP® Professionals
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Income Splitting for Investors
CFP® Professionals Only
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Income Splitting for Self-Employed Business Owners
CFP® Professionals Only
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Tax Shelters
CFP® Professionals Only
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United States Taxation
CFP® Professionals Only
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Tax Consequences at Death
CFP® Professionals Only
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Trusts
CFP® Professionals Only
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Estate Freezes
CFP® Professionals Only
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Taxation of Business Ownership Stuctures
CFP® Professionals Only
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