Definition Of Person In Income Tax Act Canada

Arm s length 251 1 for the purposes of this act a related persons shall be deemed not to deal with each other at arm s length.

Definition of person in income tax act canada. Part i income tax division a liability for tax. Definition of person u s 2 31 of the income tax act 1961. B a taxpayer and a personal trust other than a trust described in any of paragraphs a to e 1 of the definition trust in subsection 108 1 are deemed not to deal with each other at arm s length if the taxpayer. Tax payable by persons resident in canada 2 1 an income tax shall be paid as required by this act on the taxable income for each taxation year of every person resident in canada at any time in the year.

B all amounts other than amounts referred to in paragraph a included in computing the taxpayer s income from a business or property for the year because of subsection 12 3 or 4 or section 12 2 of this act or subsection 12 8 of the income tax act chapter 148 of the revised statutes of canada 1952. Huf company firm association of persons aop or body of individuals whether incorporated or not local authority and. The term person includes. Taxable income 2 the taxable income of a taxpayer for a taxation year is the taxpayer s income for the.