Gross income comes from following categories of income:
Interest, Dividends, Personal Services, Rentals, Royalties, Gains from disposition of property.
Leasing generates rental income....
Source of income can have significant impact on calculation of foreign tax credit limitation.
Formula for foreign tax credit limitation
= Pre-credit U.S tax x foreign...
As tax professionals, we need to be prepared to answer our client’s questions and help protect them
against swindlers who are trying to steal their money and, in some...
The following items are included in income of taxpayer for a taxation year:
Alimony or maintenance payments (s. 56(1)(b) and s. 56(1)(e))
Allowances for personal, living, or any...
If a taxpayer has personal relations with one country (Home) and derives income from another country (Host) it can cause a double taxation issue. The host country will most likely...