Exam (elaborations)

Canadian Income Taxation () 25e William Buckwold, Joan Kitunen, Matthew Roman (Test Bank)

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Canadian Income Taxation () 25e William Buckwold, Joan Kitunen, Matthew Roman (Test Bank) Canadian Income Taxation () 25e William Buckwold, Joan Kitunen, Matthew Roman (Test Bank) Canadian Income Taxation () 25e William Buckwold, Joan Kitunen, Matthew Roman (Test Bank)

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Uploaded on August 14, 2023
Number of pages 199
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

canadian income taxation
canadian income taxation 2022 2023 25e william b
canadian income taxation 25e william b

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Canadian Income Taxation (2022-2023) 25e William
Buckwold, Joan Kitunen, Matthew Roman (Test Bank)

CANADIAN INCOME TAXATION TEST BANK/
2023 BEST GUIDE
CHAPTER 1
• Which of the following is not considered to be a separate entity for tax
purposes inCanada?

• An individual
• A proprietorship
• A corporation
• A trust

• Which of the following attitudes and actions is most likely to help decision-
makersdevelop an efficient approach to taxation?

• Cash flows should be considered from a before-tax perspective when
makingdecisions.

, • Functional managers should not be held responsible for the tax effects of
decisionswithin their divisions.
• Tax costs to a business should be regarded as controllable expenses, much
likeproduct costs and selling costs.
• All managers should own a copy of the Income Tax Act.

• Which of the following statements is true?

• Dividends paid by a corporation are deductible by that corporation and are a
form ofproperty income for the recipient.
• Dividends paid by a corporation are deductible by that corporation and are a
form ofbusiness income for the recipient.
• Dividends paid by a corporation are not deductible by that corporation and are a
formof business income for the recipient.
• Dividends paid by a corporation are not deductible by that corporation and are a
formof property income for the recipient.

• When assessing the value of a corporation, the most relevant information that
decision- makers normally consider is

• the potential for before-tax profits.
• the potential for after-tax profits.
• the current corporate tax rate.
• cash flow before-tax.

• Income tax is calculated for which of the following jurisdictional groups?

• Municipal, provincial, and federal
• Municipal, federal, and foreign
• Provincial, federal, and foreign
• Municipal, provincial, and foreign

,• Two investor corporations may not enter jointly into which of the following?

• Joint venture
• Partnership
• Separate corporation
• Proprietorship

• Which of the following statements is true?

• Cash flow should never be calculated on an after-tax basis.
• The tax cost to a business should be regarded as a cost of doing business.
• Income tax cannot be treated as a controllable cost.
• The value of an enterprise should be based on pre-tax cash flow.

• Logan holds a 7% interest-bearing debt instrument in Glow Co. Glow Co.'s tax
rate is27%, and Logan is in a 45% tax bracket. Which of the following statements is
correct?

• The after-tax cost of the debt instrument is 5.11% to Glow Co., and the after-tax
valueto Logan is 3.85%.
• The after-tax cost of the debt instrument is 5.11% to Glow Co., and the after-tax
valueto Logan is 3.15%.
• The after-tax cost of the debt instrument is 1.89% to Glow Co., and the after-tax
valueto Logan is 3.15%.
• The after-tax cost of the debt instrument is 7% to Glow Co., and the after-tax
value toLogan is 7%.

, • Which of the following lists accurately names the five general income categories for
taxpurposes?

• Business, Interest, Employment, Capital Gains, Other
• Business, Property, Employment, Capital Gains, Foreign
• Business, Property, Employment, Capital Gains, Other
• Business, Property, Employment, Investments, Other

• Proprietorships, corporations, partnerships, limited partnerships, joint ventures,
and income trusts are all

• categories of income for tax purposes.
• tax jurisdictions.
• examples of financial instruments.
• forms of business.

• Which of the following statements regarding taxation within jurisdictions in
Canada istrue?

• Federal and provincial or territorial tax brackets are always identical to one another.
• Only federal taxes apply to individuals while both federal and provincial or
territorialtaxes apply to corporations.
• Both federal and provincial or territorial taxes apply to Canadian taxpayers.
• Only federal taxes apply to corporations while both federal and provincial taxes
applyto individuals.

• Jamie is an employee at ABC Ltd. and is in a 45% tax bracket. ABC Ltd. has a tax
rate of 27%. The company has offered Jamie a 10% pay raise. Jamie's current salary is
$50,000. What isafter-tax cost of the raise to ABC Ltd.?

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Canadian Income Taxation () 25e William Buckwold, Joan Kitunen, Matthew Roman (Test Bank)

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