Summer 2013

2013

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eFederal Income Taxation: Fundamentals, 6th Edition

Summary of Changes

This update is designed to assist instructors by providing information on the changes to the upcoming edition of Federal Income Taxation: Fundamentals.

Content changesThe following is a summary of the significant changes to the content of the upcoming edition of Introduction to Federal Income Taxation in Canada. This summary is designed to assist you in preparing the annual update to your course outline.

Legislation Update

The 34th edition of the book has been updated to include draft legislation up to and including that announced in the March 21, 2013 federal Budget, some of which was included in the April 22, 2013 Notice of Ways and Means Motion and as Bill C-60, which received Royal Assent and became law on June 26, 2013. Also, referenced is Bill C-48, which received Royal Assent and became law on June 26, 2013.

Solutions ManualThis year, a DVD with PowerPoint slides will again be included with the Solutions Manual to enhance lecture materials. These slides have been classroom-tested, and may be posted to a course website or made available to the students by other means.

Changes to ParagraphsNew paragraphs have been added at ¶1,152.10; 1,152.20; 10,275; 12,235; 12,405.30; 12,405.40; 12,405.50; 12,410; 12,415; 19,427; and 19,450.

The following paragraphs have been removed: ¶5,045.20; 5,130; 12,395; and 18,100.

Changes have occurred in the following chapters:• Chapter 1: Problem 2 at ¶1,875 has changed significantly• Chapter 2: Exhibit 2-1 has been added at ¶2,000; ¶2,025 has been changed to ¶2,032 and the heading now reads “Deemed resident - sojourning”; Exhibit 2-2 has been added at ¶2,090; Problem 1 at ¶2,875 has been replaced• Chapter 3: Exhibit 3-1 has been added at ¶3,015

Chapter 10: Assignment Problems

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Changes to Paragraphs (continued)

• Chapter 4: Exhibit 4-1 has been added at ¶4,021

• Chapter 7: ¶7,305 has been moved to the “Supplemental Notes” section at the end of the chapter and the heading has been changed to “Stock Option Benefit - Tax- deferred election repealed”; ¶7,306 has been moved to the “Supplemental Notes” section at the end of the chapter and the heading has been changed to “Special Relief for Tax-Deferred Elections Made Prior to March 4, 2010”; ¶7,720 has been subdi- vided into ¶7,720.10; 7,720.20; 7,720.30; 7,720.40; and 7,720.50

• Chapter 12: Exhibit 12-6 has been removed; the majority of the text has been changed in Exhibits 12-4, 12-5, and 12-9 (formerly 12-10); ¶12,390, 12,400, and 12,405 have been re-arranged; ¶12,390 is now entitled “Summary of advantages and disadvantages of incorporating investment income eligible for refundable tax”; ¶12,400 is now entitled “Imperfections and Policy Choices in the Integration System for Income for a CCPC”; ¶12,405 is now entitled “Imperfections”; ¶12,405.10 is now entitled “The high corporate rate on business income”

• Chapter 13: The heading at ¶13,025 has been changed to “Eighteen per cent divi- dend gross-up and credit [proposed]”; also note that a good portion of the paragraph has been added at the end of ¶13,030 as a footnote; Exhibit 13-9 has been added at ¶13,250.

Chapter 11: Assignment Problems

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Appendix I: Assignment Problems

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