t/f A value added tax is a tax levied on the increase in value of a commodity or service that has been created by the taxpayer's stage of the production or distribution cycle.
True
t/f Only individuals, corporations, and trusts are taxable entities for income tax purposes
False
t/f ...
t/f A value added tax is a tax levied on the increase in value of a commodity or
service that has been created by the taxpayer's stage of the production or
distribution cycle. - ANSWER- True
t/f Only individuals, corporations, and trusts are taxable entities for income tax
purposes - ANSWER- False
t/f Partnerships engaged in commercial activity are taxable entities for GST
purposes. - ANSWER- True
t/f In general, provincial taxes are based on a specified percentage of federal
taxable income - ANSWER- False
t/f The federal government collects taxes for Ontario. - ANSWER- false
t/f Even if the rate is the same on all transactions, it will be a higher rate on the
taxable income of lower income individuals because they spend a larger
percentage of their income - ANSWER- True
t/f Progressive rates discourage both employment and investment, thereby
limiting economic growth. - ANSWER- false
t/f Tax expenditures are less costly to administer than direct funding programs. -
ANSWER- True
t/f Part I of the Income Tax Act is the largest and the most important part. -
ANSWER- True
t/f The citation ITA 61(4)(b)(ii) would be read Section 61, Subsection 4, Paragraph
b, Subparagraph ii. - ANSWER- False
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