From Your Studies of Taxation in This Text You Have

question 75

Essay

From your studies of taxation in this text you have probably determined that taxation can be damaging to your financial future. One of the other things you might have picked up on is that divorce as well as taxes can ruin a financial plan. One of the benefits of a successful financial plan is that it will provide the family with financial stability. Financial instability can lead to stress between spouses, ending in divorce. Comment on how the Income Tax Act can make financial planning a difficult process. Comment on how Canadian tax law may be positive or negative in terms of how it treats divorced couples.

Understand the concept of price floors and their impact on market equilibrium.

Analyze the effects of minimum wage laws on employment and standard of living.

Explain the purpose and effects of price controls on markets and economic welfare.

Identify the role of supply and demand in determining wages in the labor market.

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Definitions:

Compelling Employment

Employment opportunities or offers that are highly attractive or persuasive, often because of excellent benefits, workplace culture, or career advancement possibilities.

Labour Market

A marketplace where employers find workers and workers find jobs; it is characterized by supply and demand for labor.

Globalisation

The worldwide interdependence of resource flows, product markets, and business competition.

Outsourcing

Is a decision to allow one or more of a company’s value chain activities to be performed by onshore independent specialist companies that focus all their skills and knowledge on just one kind of activity.