1. If Cindy invests $2000 in an RRSP, how will this affect her tax return? 2. Indicate whether the following statements are true or false. If the statement is false explain why. a) You must report income from tips. 3. b) Only a student can claim a credit for tuition fees. c) If you invest money in an RRSP, you will never have to pay taxes on this amount. d) If you pay for child care, you can claim this amount on your return to lower the amount you owe in taxes. Choose any one line from the T1-General Form. a) Briefly explain what the amount on that line represents. b) Explain what section of the T1 General form the line is from and why it is appropriate that it is in that section. c) Explain how the amount impacts the outcome of the tax return.
1. If Cindy invests $2000 in an RRSP, how will this affect her tax return? 2. Indicate whether the following statements are true or false. If the statement is false explain why. a) You must report income from tips. 3. b) Only a student can claim a credit for tuition fees. c) If you invest money in an RRSP, you will never have to pay taxes on this amount. d) If you pay for child care, you can claim this amount on your return to lower the amount you owe in taxes. Choose any one line from the T1-General Form. a) Briefly explain what the amount on that line represents. b) Explain what section of the T1 General form the line is from and why it is appropriate that it is in that section. c) Explain how the amount impacts the outcome of the tax return.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:1.
If Cindy invests $2000 in an RRSP, how will
this affect her tax return?
2.
Indicate whether the following statements
are true or false. If the statement is false
explain why.
a) You must report income from tips.
3.
b) Only a student can claim a credit for tuition
fees.
c) If you invest money in an RRSP, you will
never have to pay taxes
on this amount.
d) If you pay for child care, you can claim this
amount on your return to lower the amount
you owe in taxes.
Choose any one line from the T1-General
Form.
a) Briefly explain what the amount on that line.
represents.
b) Explain what section of the T1 General form
the line is from and why it is appropriate that
it is in that section.
c) Explain how the amount impacts the
outcome of the tax return.
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