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TAX 301 PRACTICE 4 EXAM
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TAX 301 PRACTICE 4 EXAM...
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Identify two personal tax credits that can, under certain circumstances, betransferred to a parent.
Disability tax credit and tuition tax credit can be transferred to a parent.
For individuals 65 or over, several types of income qualify for the pension
income tax credit. Identify three types of income that would qualify.
• periodic payments from an RPP;• an annuity payment out of an RRSP;• a
payment out of a RRIF;• an annuity payment from a Deferred Profit Sharing
Plan (DPSP); and • the interest component of other annuities.
In general, provincial income tax payable is calculated by multiplying one or
more graduated rates times the same taxable income that is used for federal
income tax purposes.
True
If two individuals are legally married and have three dependant children under
18 years of age either individual can claim an eligible dependant credit for all
three children.
False
It is possible to claim a tax credit for a physically or mentally infirm child under
18, even if that child does not qualify for the disability tax credit.
True
In determining the medical expenses tax credit, an individual cannot include the
medical expenses of dependants who are over 17 years of age unless they
qualify for the disability tax credit.
False
The tax credit for charitable donations is limited to 75% of the individual
taxpayer's federal income tax payable.
False
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