knowledge topics
Income Taxes Payable - Trusts
KNOWLEDGE EXPECTED OF: CFP® Professionals Only
- Identify the deadline by when a trust is required to pay income tax owing.1
- Explain the reason why a trust may be required to make installment payments.
- Identify the current income tax rates for a trust.
- Federal taxes
- Provincial/Territorial taxes
- Estimate the combined income tax rates for a trust.
- Marginal tax rate
- Average tax rate
Glossary of Verbs (mouse over to see definition)
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
Read more about the Taxonomy used in the FP-BoK
