Permanent Differences definition

Permanent Differences means expenditures that are not deductible for income tax purposes either in the current year or in future years and/or income and/or gains (other than taxable capital gains and gains from the disposition of eligible capital property as provided in subsection 14(1) of the Income Tax Act (Canada)) which are not fully taxable for income tax purposes either in the current year or a future year. If a portion of an expenditure is deductible over time and a portion of an expenditure is not deductible, then the Permanent Difference in a year in respect of that expenditure will be the deduction which would be determined if the non-deductible portion of the expenditure was deductible on the same basis as the portion of the expenditure which is deductible, and the non-taxable portion of an item of income/gain will be calculated on the same basis. Permanent Differences exclude the difference between the fair market value of a property and the elected amount, where an asset is transferred to the Limited Partnership on a tax deferred basis pursuant to subsection 97(2) of the Income Tax Act (Canada);
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Permanent Differences means differences between taxable income or tax loss and pre-tax accounting profit or loss arising from the existence of:
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Examples of Permanent Differences in a sentence

  • Differences between Net Cash Flow distributions and taxable income (created, for example, by Permanent Differences and non-taxable portions of realized gains on the disposition of capital property and eligible capital property) must be allocated in a reasonable manner.

  • W The Tax Effect of Permanent Differences captures the differences in the income taxes due under the Federal and State calculations and the income taxes calculated in Attachment H that are not the result of a timing difference.

Related to Permanent Differences

  • Permanent Disability means the Executive is unable to perform, by reason of physical or mental incapacity, his then duties or obligations to the Company, for a total period of one hundred eighty (180) days in any three hundred sixty (360) day period.

  • Permanent and Total Disability means any medically determinable physical or mental impairment rendering an individual unable to engage in any substantial gainful activity, which disability can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months.

  • Permanent total disability means incapacity because of accidental injury or occupational disease to earn any wages in any employment for which the employee may become physically suited and reasonably fitted by education, training or experience, including vocational rehabilitation; loss of both hands, or both feet, or both legs, or both eyes, or any two thereof, shall constitute permanent total disability;

  • Permanent Total Disablement : means a bodily injury caused by accidental, external, violent and visible means, which as a direct consequence thereof totally disables and prevents the Insured Person from attending to any business or occupation of any and every kind or if he/she has no business or occupation, from attending to his/her usual and normal duties that last for a continuous period of twelve calendar months from the date of the accident, with no hopes of improvement at the end of that period.

  • Permanent Incapacity as used herein shall mean mental or physical incapacity, or both, reasonably determined by the Company's Board of Directors based upon a certification of such incapacity by, in the discretion of the Company's Board of Directors, either Executive's regularly attending physician or a duly licensed physician selected by the Company's Board of Directors, rendering Executive unable to perform substantially all of his duties hereunder and which appears reasonably certain to continue for at least six consecutive months without substantial improvement. Executive shall be deemed to have "become permanently incapacitated" on the date the Company's Board of Directors has determined that Executive is permanently incapacitated and so notifies Executive.