(Solution) - In describing who is liable for tax in Canada the -(2025 Original AI-Free Solution)

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In describing who is liable for tax in Canada, the Income Tax Act simply states, ?An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year.? Accepting that ?person? includes both an individual and a corporation, briefly discuss the meaning and ramifications of this statement.