Bifalgorithm post · Une erreur comptable peut-elle entraîner un impôt supplémentaire? · CRA restricts taxpayer requests to revise permissive deductions

Permissive Deductions

Permissive Deductions (Une erreur comptable peut-elle entraîner un impôt supplémentaire? · CRA restricts taxpayer requests to revise permissive deductions) — "…

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  • CRA issued a new Circular replacing two earlier Information Circulars.
  • The replaced guidance consists of two Information Circulars dated July 9, 1984.
  • Information Circular IC75-7R3 addressed the reassessment of a return of income.
  • Information Circular IC84-1 addressed revisions of CCA claims and other permissive deductions.
  • CRA identifies permissive deductions through examples of deductions that may be revised or claimed.
  • CCA is an example of a permissive deduction.
  • SR&ED deductions are examples of permissive deductions.
  • CEE, CDE and COGPE deductions are examples of permissive deductions.
  • CRA distinguishes non-permissive deductions and related amounts from permissive deductions.
  • Charitable donations are not considered permissive deductions.
  • Amounts that reduce taxable income rather than net income are not considered permissive deductions.
  • Tax credits and reserves are not considered permissive deductions.
  • The capital gains reserve under section 40(1)(a)(iii) is an example of a non-permissive reserve.
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Permissive Deductions

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Une erreur comptable peut-elle entraîner un impôt supplémentaire?

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"CRA has issued a new Circular to replace Information Circular IC75-7R3 Reassessment of a Return of Income and Information Circular IC84-1 Revision of CCA Claims and Other Permissive Deductions, both dated July 9, 1984.\n\nCRA refers to examples of permissive deductions as including CCA, SR&ED deductions and CEE, CDE and COGPE deductions; whereas deductions that are not considered permissive include charitable donations or other amounts that reduce taxable income rather than net income, tax credits and reserves, such as the capital gains reserve under s. 40(1)(a)(iii)."

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