English to Arabic Bus/Financial Law: Taxation & Customs Development

Net income minus certain allowable deductions such as the northern residents deductions. In most cases, a tax filer's taxable income will be the same as his or her net income. However, there are a number of deductions that could lead to a difference between a tax filer's net and taxable income. A single individual with net income of $50,000 residing in the far north and claiming a special residency deduction of $1,500 would report his or her taxable income as $48,500. For general information on taxation, visit the Canada Customs and Revenue Agency Web site.