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.

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Definitions:

Financial Community

Consists of individuals and institutions that participate in the investment, trading, and management of financial assets.

Chief Executive Officer

The highest-ranking executive in a company or organization, responsible for making major corporate decisions, managing operations, and communicating with the board of directors.

Sells Stock

The act of offering shares of a company to the public or specific investors, thereby providing the company with capital in exchange.

Informed Consent

A process in which a patient receives a full understanding of and agrees to a treatment or procedure, including its risks and benefits.