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Test Bank for Byrd & Chen's Canadian Tax Principles, Volume 1 by Gary Donell

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Test Bank for Byrd & Chen's Canadian Tax Principles, Vol 1 Volume 1 by Gary Donell, Ida Chen. Full Chapters test bank in PDF for Volume 1 Volume I 1 Introduction to Federal Taxation in Canada 2 Procedures and Administration 3 Income or Loss from an Office or Employment 4 Taxable Income a...

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  • August 16, 2022
  • 706
  • 2022/2023
  • Exam (elaborations)
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Canadian Tax Principles, 2022-2023 (Byrd/Chen)
Chapter 1 Introduction to Federal Taxation in Canada

1.1 Online Exercises

1) The major source of federal revenues is the personal income tax. Indicate three other types of taxes that
contribute to federal revenues.
Answer: The other sources of federal revenues that are shown in Figure 1-1 of the text are:

• Corporate income taxes.
• Non-resident income taxes.
• GST.
• Customs and import duties.
• Other excise taxes.
• EI premiums.
Type: ES
Topic: Federal revenue sources

2) What is the meaning of "person" when the term is used in the ITA?
Answer: In the ITA, the term "person" refers to an individual, a corporation, a trust or an estate.
Type: ES
Topic: Definition - "Person" ITA 248(1)

3) Briefly describe the procedures used in calculating provincial or territorial income tax for individuals
in other than individuals residing in Quebec.
Answer: Provincial or territorial income taxes for individuals are calculated by applying a provincial or
territorial income tax rates to taxable income for federal income tax purposes. Provincial or territorial
personal income tax credits are then applied to the resulting gross income tax. The provincial and
territorial income tax brackets may differ from the federal income tax brackets. In addition, provincial
and territorial personal tax credits may be different than the federal personal tax credits.
Type: ES
Topic: Income tax payable - federal income tax

4) The Canadian income tax system is often used to achieve various economic objectives. Give three
examples that illustrate this point.
Answer: There are many examples that could be cited. The text divides them into resource allocation
(e.g., public health care), distribution effects (e.g., federal GST credit), stabilization effects (e.g., deficit
reduction), and fiscal federalism (e.g., allocations to various levels of government).
Type: ES
Topic: Canadian income tax system - objectives

5) Provide an example of how taxation policy can be used to influence resource allocation.
Answer: Examples provided in the text are as follows:
• Tax revenues are used to provide public goods and services.
• Excise taxes are used to discourage the consumption of alcohol and tobacco products. There are, of
course, many other examples that could be cited.
Type: ES
Topic: Canadian income tax system - objectives



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