TIF PROBLEM TEST BANK TAX 1
TIF PROBLEM TEST BANK TAX 1
TIF PROBLEM TEST BANK TAX 1
TIF PROBLEM TEST BANK TAX 1
TIF PROBLEM TEST BANK TAX 1
TIF PROBLEM TEST BANK TAX 1
TIF PROBLEM TEST BANK TAX 1
TIF PROBLEM TEST BANK TAX 1
1. Av
alu
ead
dedt
axi
sat
axl
evi
edo
nth
ein
cre
asei
n
v
alu
eofac
ommo
dit
yors
erv
icet
hath
asb
eenc
rea
tedb
y
t
het
axp
aye
r’ss
tageo
fth
epr
odu
cti
ono
rdi
str
ibu
tio
n
c
ycl
e.
Tr
ueorF
als
e?
2. Ap
art
ner
shi
pca
nbeat
axa
ble
e
nti
tyf
ori
nco
met
axp
urp
ose
s.Tr
ue
o
rFa
lse
?
3. Ap
art
ner
shi
pca
nbeat
axa
blee
nti
tyf
orGST
, p
urp
ose
s.
Tr
ueorF
als
e?
4. I
nge
ner
al,
pro
vin
cia
lin
comet
axe
sar
eba
sedo
na
s
pec
ifi
edp
erc
ent
ageo
ffe
der
alt
axp
aya
ble
.Tr
ueo
r
F
als
e?
5. Th
efe
der
algo
ver
nme
ntd
oesn
otc
oll
ectp
ers
ona
l
o
rco
rpo
rat
eta
xesf
orOn
tar
ioo
rQu
ebe
c.Tr
ueo
rFa
lse
?
6. Asal
estaxi
saregr
essi
veta
xe v
enwh
eni
tisa
ppl
ie
d
atas
ingl
erat
eonallt
ran
sact
ions
.
Tr
ueorF
als
e?
7. Ama
jora
dva
nta
geo
fpr
ogr
ess
ivet
axr
ate
sis
t
hatt
hei
rus
een
cou
rage
sec
ono
micgr
owt
h.Tr
ueo
r
F
als
e?
8. Taxexp
endi
tur
esarele
ssco
stl
ytoa
dmi
ni
ste
rth
an
di
rec
tfund
ingpro
grams.
Tr
ueorF
als
e?
,9. Pa
rtIo
fth
eIn
comeTa
xAc
tist
he
l
arge
sta
ndmo
sti
mpo
rta
ntp
art
.Tr
ueo
r
F
als
e?
10.Theci
tat
ionITA61(
4)(
b)(
ii
)wo
u l
dberea
dPar
agr
aph
61,Su
bparagra
ph4,Se
cti
onb,Subs
ect
ion
i
i.
Tr
ueorF
als
e?
11.Ani
nco
met
axi
spa
yab
lef
ore
acht
axa
tio
nye
aro
n
t
heTa
xab
leI
nco
meo
fev
eryp
ers
onr
esi
den
tinCa
nad
aat
a
nyt
imei
nth
eye
ar.
Tr
ueorF
als
e?
, 12.An
yta
xpa
yerc
anc
hoo
set
he
c
ale
nda
rye
ara
sth
eirt
axa
tio
nye
ar.
Tr
ueo
rFa
lse
?
TI
FPROBL
EMONE-3
I
ntr
odu
cti
on-Mu
lti
pleCh
oic
e
Ne
wFo
r2016/
2017
Ca
nad
ian
Tax
Sys
tem
1. Wh
icho
fth
efo
llo
win
gty
peso
fta
xesi
sno
t
c
urr
ent
lyi
nus
ebyt
hef
ede
ral
gov
ern
men
tofCa
nad
a?
A. E
xci
seTa
xes
B. Cu
stomDu
tie
s
C. He
adTa
x
D. Tr
ans
ferTa
x
Ta
xPo
lic
yCo
nce
pts
2. Whi
choft
hefo
llo
win
gsta
teme
ntswi
thr
esp
ectt
o
Ca
nadi
anta
xpoli
cyi
sNOTcor
rec
t?
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