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M/C Tax Chapters 1-5 exam questions and complete correct answers 2024/2025
X. Ltd. is a corporation which has always been managed by the same board of directors. The board of directors has always met where the directors reside. Based on these facts, X Ltd. will NOT be resident in Canada for income tax purposes if X Ltd. was: A) Incorporated in Canada in 1968 and it's directors are all U.S residents B) Incorporated in the U.S in 1970 and its directors are all U.S residents C) Incorporated in the U.S in 1968and its directors are all Canadian residents D) ...
- Exam (elaborations)
- • 13 pages •
X. Ltd. is a corporation which has always been managed by the same board of directors. The board of directors has always met where the directors reside. Based on these facts, X Ltd. will NOT be resident in Canada for income tax purposes if X Ltd. was: A) Incorporated in Canada in 1968 and it's directors are all U.S residents B) Incorporated in the U.S in 1970 and its directors are all U.S residents C) Incorporated in the U.S in 1968and its directors are all Canadian residents D) ...
Taxation Ch1 exam questions and verified correct answers 2024/2025
an avoidance transaction - correct answer A transaction (or series of transactions) that results in a tax benefit and has no other bona fide purpose is ________. Tax planning - correct answer involves structuring transactions to reduce the tax liability of the taxpayer consistent with the intent of the income tax legislation. Tax Evasion - correct answer Carl works for Sam. Sam pays Carl entirely in cash and does not issue any tax reporting documents to Carl, although both know they are...
- Exam (elaborations)
- • 18 pages •
an avoidance transaction - correct answer A transaction (or series of transactions) that results in a tax benefit and has no other bona fide purpose is ________. Tax planning - correct answer involves structuring transactions to reduce the tax liability of the taxpayer consistent with the intent of the income tax legislation. Tax Evasion - correct answer Carl works for Sam. Sam pays Carl entirely in cash and does not issue any tax reporting documents to Carl, although both know they are...
Chapter 22: Canadian Taxation exam questions and verified correct answers 2024/2025
What is the five-step process to calculate income tax? - correct answer 1. Calculate all sources of income 2. Make allowable deductions to arrive at taxable income 3. Calculate the gross or basic tax payable on taxable income 4. Claim allowable tax credits on tax payable 5. Calculate the net tax payable Can you list and describe the four general types of income? - correct answer Employment Income - wages Business Income - selling products (self employ) Income from Property - r...
- Exam (elaborations)
- • 9 pages •
What is the five-step process to calculate income tax? - correct answer 1. Calculate all sources of income 2. Make allowable deductions to arrive at taxable income 3. Calculate the gross or basic tax payable on taxable income 4. Claim allowable tax credits on tax payable 5. Calculate the net tax payable Can you list and describe the four general types of income? - correct answer Employment Income - wages Business Income - selling products (self employ) Income from Property - r...
1.0 liability for canadian income taxes exam questions and verified correct answers 2024/2025
What is a resident in Canada? - correct answer every person who is a resident in Canada at any time in the year is expected to pay income taxes on their worldwide income Note: some residents who are taxed on their worldwide income may already have paid taxes to a foreign government. Therefore this person may be eligible for a foreign tax credit. what is a non-resident? - correct answer Non-residents are generally not subject to Canadian income taxes unless they were: a) employed in Cana...
- Exam (elaborations)
- • 7 pages •
What is a resident in Canada? - correct answer every person who is a resident in Canada at any time in the year is expected to pay income taxes on their worldwide income Note: some residents who are taxed on their worldwide income may already have paid taxes to a foreign government. Therefore this person may be eligible for a foreign tax credit. what is a non-resident? - correct answer Non-residents are generally not subject to Canadian income taxes unless they were: a) employed in Cana...
Income Tax Chapter 1 exam questions and verified correct answers 2024/2025
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. - correct answer True t/f Only individuals, corporations, and trusts are taxable entities for income tax purposes - correct answer False t/f Partnerships engaged in commercial activity are taxable entities for GST purposes. - correct answer True t/f In general, provincial taxes are based on a specified perce...
- Exam (elaborations)
- • 3 pages •
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. - correct answer True t/f Only individuals, corporations, and trusts are taxable entities for income tax purposes - correct answer False t/f Partnerships engaged in commercial activity are taxable entities for GST purposes. - correct answer True t/f In general, provincial taxes are based on a specified perce...
Canadian Income Tax Returns and Benefits exam questions and answers 2024/2025
A Tax Base Amount - correct answer A total amount of assets or income that can be taxed by a taxing authority, usually by the government. Typically, different tax rates will apply to the portion of taxable income over each portion of your income. The Canada Revenue Agency's mission - correct answer To administer tax, benefits, and related programs and ensure compliance on behalf of governments across Canada, thereby contributing to the ongoing economic and social well-being of Canadians....
- Exam (elaborations)
- • 29 pages •
A Tax Base Amount - correct answer A total amount of assets or income that can be taxed by a taxing authority, usually by the government. Typically, different tax rates will apply to the portion of taxable income over each portion of your income. The Canada Revenue Agency's mission - correct answer To administer tax, benefits, and related programs and ensure compliance on behalf of governments across Canada, thereby contributing to the ongoing economic and social well-being of Canadians....
BUSI 428 - Canadian Taxation exam questions and verified correct answers 2024/2025
________ involves structuring transactions to reduce the tax liability of the taxpayer consistent with the intent of the income tax legislation. - correct answer Tax Planning Carl works for Sam. Sam pays Carl entirely in cash and does not issue any tax reporting documents to Carl, although both know they are supposed to submit reporting documentation. Carl does not file an income tax return. Carl and Sam are engaging in ________. - correct answer Tax Evasion A transaction (or series of t...
- Exam (elaborations)
- • 12 pages •
________ involves structuring transactions to reduce the tax liability of the taxpayer consistent with the intent of the income tax legislation. - correct answer Tax Planning Carl works for Sam. Sam pays Carl entirely in cash and does not issue any tax reporting documents to Carl, although both know they are supposed to submit reporting documentation. Carl does not file an income tax return. Carl and Sam are engaging in ________. - correct answer Tax Evasion A transaction (or series of t...
ACCT 240 - Chapter 1 Canadian Income Tax exam questions and 100% correct answers 2024/2025
What is the CRA - correct answer Canada Revenue Agency: is a federal government agency that is tasked with the responsibility of administering the Income Tax Act (ITA). It does NOT establish tax policies. The department of Finance analyses and designs tax policies. Administering the ITA involves: (5) - correct answer 1) Interpreting the spirit of the ITA and developing processes to ensure the spirit is followed by taxpayers of Canada 2)Creating, upholding and collecting forms for reporti...
- Exam (elaborations)
- • 10 pages •
What is the CRA - correct answer Canada Revenue Agency: is a federal government agency that is tasked with the responsibility of administering the Income Tax Act (ITA). It does NOT establish tax policies. The department of Finance analyses and designs tax policies. Administering the ITA involves: (5) - correct answer 1) Interpreting the spirit of the ITA and developing processes to ensure the spirit is followed by taxpayers of Canada 2)Creating, upholding and collecting forms for reporti...
Personal Tax Final Exam Review questions and 100% correct answers 2024/2025
Making contributions to an RRSP always involves what type of tax planning? A) Tax avoidance and tax deferral. B) Tax deferral. C) Tax avoidance. D) Income splitting - correct answer B) Tax deferral An individual is liable for income tax in Canada if he: A) is a resident in Canada. B) is a citizen of Canada. C) has lived in Canada at any time during the year. D) All of the above are required. - correct answer A) is a resident in Canada Mr. E moved from Buffalo, New York, USA t...
- Exam (elaborations)
- • 51 pages •
Making contributions to an RRSP always involves what type of tax planning? A) Tax avoidance and tax deferral. B) Tax deferral. C) Tax avoidance. D) Income splitting - correct answer B) Tax deferral An individual is liable for income tax in Canada if he: A) is a resident in Canada. B) is a citizen of Canada. C) has lived in Canada at any time during the year. D) All of the above are required. - correct answer A) is a resident in Canada Mr. E moved from Buffalo, New York, USA t...
Canadian Income Tax exam questions and verified correct answers 2024/2025
How do you enact a law? - correct answer The legislation process starts with the proposal, formulation, an drafting of a bill and goes through a number of stages in the HOC and Senate before it becomes a law. The stages in the HOC and Senate before becoming a law - correct answer 1. Notice of a motion for leave to introduce and placement on Order Paper 2. Preparation of a bill by a committee (where applicable) 3. Introduction and first reading 4. Reference to a committee before second r...
- Exam (elaborations)
- • 9 pages •
How do you enact a law? - correct answer The legislation process starts with the proposal, formulation, an drafting of a bill and goes through a number of stages in the HOC and Senate before it becomes a law. The stages in the HOC and Senate before becoming a law - correct answer 1. Notice of a motion for leave to introduce and placement on Order Paper 2. Preparation of a bill by a committee (where applicable) 3. Introduction and first reading 4. Reference to a committee before second r...
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