Canadian Tax System - Midterm exam with complete solutions
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Course
Income tax
Institution
Income Tax
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 mo...
Canadian Tax System - Midterm exam with
complete solutions
Progressive - ANSWER- The Canadian federal tax system is a ____________ tax
system. The more you make the more you pay.
Regressive - ANSWER- The more make the less you pay.
Flat Tax System - ANSWER- Everyone pays the same rate.
Residence - ANSWER- The Canadian income tax system is based on ___________
6 months or more - ANSWER- How long must you have resided in Canada in
order to be required to pay taxes?
Departure tax - ANSWER- Tax implications for non-residents. They may be
subject to a ________ ____.
6 months after fiscal year end - ANSWER- Deadline for Corporations to file taxes
50% - ANSWER- Percentage of Capital Loss that can be claimed against Capital
Gain?
Capital Gains - ANSWER- You pay taxes of 50% of what type of income?
Non-Capital Losses - ANSWER- Loss from operating costs of sole-proprietorship
or partnership.
Back 3 , Forward 20 - ANSWER- Carry back and forward limits for Non-Capital
Losses
Back 3, Forward 10 - ANSWER- Carry back and forward limits for ABIL
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