knowledge topics
Relationships under Income Tax
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Define taxpayers associated with the Income Tax Act, such as:
- Individual taxpayers
- Corporate taxpayers
- Trusts
- Define individual taxpayers for income tax filing purposes.
- An individual taxpayer
- A sole-proprietor
- An individual person who is a partner in a partnership
- Define relationships for income tax purposes,1 such as:
- Spouse
- Common-law partner
- Separated spouse
- Separated common-law partner
- Former spouse
- Former common-law partner
- Child2
- Dependent child2
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

REFERENCES
- http://www.cra-arc.gc.ca/bnfts/mrtl/menu-eng.html
- http://www.cra-arc.gc.ca/tx/tchncl/ncmtx/fls/s1/f5/s1-f5-c1-eng.html