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Can you summarize R.S.C. , 1985, c. 1 (5th Supp.)?
Consolidated Acts > Income Tax Act
Short Summary
The Income Tax Act is a legal document that governs the payment of income tax in Canada. It applies to persons resident in Canada and non-resident persons who earn income in Canada. The Act outlines the liability for tax, including the taxable income for taxpayers and the tax payable by non-resident persons. It also provides rules for the computation of income, including the determination of income from various sources and the inclusion of certain benefits and allowances. The Act does not specify any exemptions or penalties for non-compliance in the provided document.
Whom does it apply to?
Persons resident in Canada, non-resident persons earning income in Canada
What does it govern?
Income Tax Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Penalties for non-compliance are not specified in the provided document.
Jurisdiction
Canada