Thursday, October 17, 2002

Wow, over one whole month without touching this page...

[sigh] It's been crazy.

It's been a lot of fun being back in Waterloo and studying (as opposed to working), though, but as usual, I never fail to completely fill my schedule.

"There's no time, no time, gotta study, gotta wash my hair..." - Jessie from Saved by the Bell. Ha.

Anyway, the main thing on my mind these days...?

The capital gains deduction from the sale of qualified small business corporation shares (QSBCS), is calculated as the least of:

(a) Unused lifetime deduction

(b) Annual gains limit, calculated as:

A: the lesser of:
(i) the net taxable capital gains for the year, included in paragraph 3(b)
(ii) the net taxable capital gains for the year only taking into account gains from (QSBCS)


B: the total of:
(i) the total carry-forward net capital losses from preceding years less the net taxable capital gains for the year as included in paragraph 3(b) in excess of the amount calculated for A
(ii) the total allowable business investment losses realized in the year

(c) Cumulative gains limit, calculated as:

- the sum of all annual gains limits for all preceding years
less the sum of
(i) all capital gains deductions in preceding years
(ii) the Cumulative Net Investment Loss (CNIL), where CNIL is the sum of all investment expenses incurred after 1987 less the sum of all investment income incurred after 1987

—Federal Income Tax Act, section 110.6

Thanks! I can kind of understand it now, after explaining it! =P

Until next time, this is Gladys Yam.

No comments: