[Verse 1] Income Tax Act splits in sections, subsections neat Five through eight for employment, nine to thirty-seven complete Business income calculations, twelve for property streams Thirty-eight through fifty-five where capital gains gleams [Chorus] Sources four, remember more Employment, business, property door Capital gains at fifty percent Calculate what the taxman meant Gross-up dividends, credits flow Adjusted cost base, watch it grow [Verse 2] Automobile benefits, housing perks in hand Stock options trigger taxes across this northern land RPP contributions, union dues subtract Home office deductions if you've got the paperwork backed [Chorus] Sources four, remember more Employment, business, property door Capital gains at fifty percent Calculate what the taxman meant Gross-up dividends, credits flow Adjusted cost base, watch it grow [Verse 3] CCA classes depreciate your assets down Eligible capital property spins around Inventory valuation, FIFO or weighted cost Interest income's fully taxed, nothing's ever lost [Bridge] Eligible dividends get thirty-eight percent Non-eligible get fifteen, that's how the rules are bent Principal residence exemption saves your family home Listed personal property, let those losses roam [Verse 4] RRSP contributions, eighteen percent or max Pension income splitting cuts your couple's tax Moving expenses, childcare costs, support payments too Medical and charitable, credits coming through [Chorus] Sources four, remember more Employment, business, property door Capital gains at fifty percent Calculate what the taxman meant Gross-up dividends, credits flow Adjusted cost base, watch it grow [Outro] Net income to taxable, then tax payable's clear Provincial rates and residency, AMT we fear Basic personal amount, age and disability Tuition credits carry forward through eternity
← Sensitivity Analysis and Scenario Planning | Income Tax Act Structure & Framework →