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The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
In trust law, a bare trust is a trust in which the beneficiary has a right to both income and capital and may call for both to be remitted into their own name. Assets in a bare trust are held in the name of a trustee, but the beneficiary has the right to all of the capital and income of the trust at any time if they are 18 or over (in England and Wales), or 16 or over (in Scotland).
The Income Tax Act defines SR&ED. The Canada Revenue Agency (CRA) is responsible for its administration. The CRA Information Circular 86-4R3 is a key document that provides technical guidelines to clarify and interpret the language in the tax act. CRA Interpretation Bulletin IT-151-R4 is a key document that explains SR&ED expenditures.
If a taxpayer does not file a tax return on time, the CRA may first send a request, like a reminder, to the taxpayer asking them to file the outstanding return. This first letter is called TX11. If the taxpayer still does not file the return, the CRA may send a second letter demanding that the return be filed. This second letter is called TX14.
A nominee trust is an example of a bare trust: [5] this is a simple type of trust where the trustee acts as the legal owner of some property but is under no obligation to manage the trust fund other than as directed by the beneficiary, [6] and where there are no restrictions beneficiary's right to use the property. [7]
The Income Tax Act does not define "charity" and Canada uses a common law definition, namely purposes that fall within the four "heads" of charity: the relief of poverty, the advancement of education, the advancement of religion, [3] or other purposes that benefit the community in a way the courts have said are charitable.
Tax returns in Canada refer to the obligatory forms that must be submitted to the Canada Revenue Agency (CRA) each financial year for individuals or corporations earning an income in Canada. The return paperwork reports the sum of the previous year's (January to December) taxable income, tax credits, and other information relating to those two ...
Download as PDF; Printable version; In other projects ... Simple trust may refer to: Simple trust, in Trust law; Simple trust, in United States trust law; Bare trust ...