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Tax exam with complete solutions
Tax exam with complete solutions
[Show more]Tax exam with complete solutions
[Show more]Progressive 
The Canadian federal tax system is a ____________ tax system. The more you make the more you pay. 
 
 
 
Regressive 
The more make the less you pay. 
 
 
 
Flat Tax System 
Everyone pays the same rate. 
 
 
 
Residence 
The Canadian income tax system is based on ___________ 
 
 
 
6 mon...
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Add to cartProgressive 
The Canadian federal tax system is a ____________ tax system. The more you make the more you pay. 
 
 
 
Regressive 
The more make the less you pay. 
 
 
 
Flat Tax System 
Everyone pays the same rate. 
 
 
 
Residence 
The Canadian income tax system is based on ___________ 
 
 
 
6 mon...
Advance tax ruling 
Interpretations provided, at the request of a taxpayer, by the Income Tax Rulings Directorate as to how a particular transaction will be treated for tax purposes; such interpretations are not binding on the CRA 
 
 
 
Allowable capital loss 
The deductible portion (currently one-...
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Add to cartAdvance tax ruling 
Interpretations provided, at the request of a taxpayer, by the Income Tax Rulings Directorate as to how a particular transaction will be treated for tax purposes; such interpretations are not binding on the CRA 
 
 
 
Allowable capital loss 
The deductible portion (currently one-...
an avoidance transaction 
A transaction​ (or series of​ transactions) that results in a tax benefit and has no other bona fide purpose is​ ________. 
 
 
 
Tax planning 
involves structuring transactions to reduce the tax liability of the taxpayer consistent with the intent of the income tax l...
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Add to cartan avoidance transaction 
A transaction​ (or series of​ transactions) that results in a tax benefit and has no other bona fide purpose is​ ________. 
 
 
 
Tax planning 
involves structuring transactions to reduce the tax liability of the taxpayer consistent with the intent of the income tax l...
What is the five-step process to calculate income tax? 
1. Calculate all sources of income 
 
2. Make allowable deductions to arrive at taxable income 
 
3. Calculate the gross or basic tax payable on taxable income 
 
4. Claim allowable tax credits on tax payable 
 
5. Calculate the net tax payable...
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Add to cartWhat is the five-step process to calculate income tax? 
1. Calculate all sources of income 
 
2. Make allowable deductions to arrive at taxable income 
 
3. Calculate the gross or basic tax payable on taxable income 
 
4. Claim allowable tax credits on tax payable 
 
5. Calculate the net tax payable...
​________ involves structuring transactions to reduce the tax liability of the taxpayer consistent with the intent of the income tax legislation. 
Tax Planning 
 
 
 
Carl works for Sam. Sam pays Carl entirely in cash and does not issue any tax reporting documents to​ Carl, although both know th...
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Add to cart​________ involves structuring transactions to reduce the tax liability of the taxpayer consistent with the intent of the income tax legislation. 
Tax Planning 
 
 
 
Carl works for Sam. Sam pays Carl entirely in cash and does not issue any tax reporting documents to​ Carl, although both know th...
What are some common Tax Bases? 
Income 
Property 
Consumption 
Value Added 
Tarriffs and customs duties 
Transfer 
User 
Capital 
Head 
 
 
 
What are the Largest Forms of Canadian Tax? 
Personal 
Corporate 
GST 
 
 
 
Who is Subject to Income Taxation? 
Individuals 
Corporations 
Trusts 
 
Referre...
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Add to cartWhat are some common Tax Bases? 
Income 
Property 
Consumption 
Value Added 
Tarriffs and customs duties 
Transfer 
User 
Capital 
Head 
 
 
 
What are the Largest Forms of Canadian Tax? 
Personal 
Corporate 
GST 
 
 
 
Who is Subject to Income Taxation? 
Individuals 
Corporations 
Trusts 
 
Referre...
t/f A value added tax is a tax levied on the increase in value of a commodity or service that has been created by the taxpayer's stage of the production or distribution cycle. 
True 
 
 
 
t/f Only individuals, corporations, and trusts are taxable entities for income tax purposes 
False 
 
 
 
t/f ...
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Add to cartt/f A value added tax is a tax levied on the increase in value of a commodity or service that has been created by the taxpayer's stage of the production or distribution cycle. 
True 
 
 
 
t/f Only individuals, corporations, and trusts are taxable entities for income tax purposes 
False 
 
 
 
t/f ...
How do you enact a law? 
The legislation process starts with the proposal, formulation, an drafting of a bill and goes through a number of stages in the HOC and Senate before it becomes a law. 
 
 
 
The stages in the HOC and Senate before becoming a law 
1. Notice of a motion for leave to introduce...
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Add to cartHow do you enact a law? 
The legislation process starts with the proposal, formulation, an drafting of a bill and goes through a number of stages in the HOC and Senate before it becomes a law. 
 
 
 
The stages in the HOC and Senate before becoming a law 
1. Notice of a motion for leave to introduce...
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