______________Tax is the most progressive tax structure in Canada Value added. Sales Which of the following statements concerning income taxes in Canada is not true?a) Income taxes must often be estimated based on prior years tax returns.b) Income taxes are usually paid through instalment payments throughout the year.c) The deadline for filing a corporate tax return and payment of any outstanding. Taxes is 6 months after the company’s year-end.d) Multinational companies located in Canada may be required to pay tax in Canada. With respect to provincial income taxes, other than those assessed in Quebec, which of the following statements is not correct?a) Each province can apply different rates to add many brackets for individuals as it wishes.b) the federal government collects the provincial income tax for individuals for every province except Quebec.c) Each province can establish its own tax credits to apply against tax payable for individuals.d) Each province can establish rules for determining the taxable income of individuals. Sarah moves to Germany on July 15. Of the current year, she is 35 and has lived in Canada all her life. Which one of the following best indicates Sara's Canadian residency status for the current year?a) a deemed residentb) a non resident.c) A full time resident.d) A part year resident. A monthly benefit available to Canadians 65 years of age, who have lived in Canada for at least 10 years is:a) OAS pension.b) HST credit.c) Lifelong learningd) none of the above. What is the meaning of “person” when the term is used in the Income Tax Act? _________, __________ or a ________. The formula to determine tax payable is:a) Income before income tax expense (From the income tax return) multiplied by the income tax rate.b) Income before income tax expense (From the income tax statement) multiplied by the income tax rate.c) Taxable income (from the income tax return) multiplied by the income tax rate.d) Taxable income (from the income statement) multiplied by the income tax rate. For any given year, your income tax payable can never exceed income tax expense.a) Trueb) False A part year resident for the current year is an individual who either establishes residency in Canada during the current year or alternatively terminates residency in Canada during the current year.a) Trueb) False Of the following individuals who would be a resident or deemed resident of Canada for tax purposes this year?Alex is a U.S. citizen who commutes each day to Canada for employment purposes.Bob is a U.S. citizen who lives in Canada during the week for employment purposes but returned to the U.S. on weekends to the house he shares with his wife and children.Charles is a Canadian citizen who lived in Toronto until March of last year, at which time he left for a 4-year aid-mission in Africa under an agreement with the Canadian International Development Agency.Derrick is a Canadian citizen who goes to school in the US for 8 months of each year but returns to Canada to live with his parents each summer.Alex and BobAlex, Bob and CharlesBob, Charles and DerrickAll of the aboveNone of the above

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Answered: ______________Tax is the most…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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______________Tax is the most progressive tax structure in Canada
Value added.
Sales

Which of the following statements concerning income taxes in Canada is not true?
a) Income taxes must often be estimated based on prior years tax returns.
b) Income taxes are usually paid through instalment payments throughout the year.
c) The deadline for filing a corporate tax return and payment of any outstanding. Taxes is 6 months after the company’s year-end.
d) Multinational companies located in Canada may be required to pay tax in Canada.

With respect to provincial income taxes, other than those assessed in Quebec, which of the following statements is not correct?
a) Each province can apply different rates to add many brackets for individuals as it wishes.
b) the federal government collects the provincial income tax for individuals for every province except Quebec.
c) Each province can establish its own tax credits to apply against tax payable for individuals.
d) Each province can establish rules for determining the taxable income of individuals.

Sarah moves to Germany on July 15. Of the current year, she is 35 and has lived in Canada all her life. Which one of the following best indicates Sara's Canadian residency status for the current year?
a) a deemed resident
b) a non resident.
c) A full time resident.
d) A part year resident.

A monthly benefit available to Canadians 65 years of age, who have lived in Canada for at least 10 years is:
a) OAS pension.
b) HST credit.
c) Lifelong learning
d) none of the above.

What is the meaning of “person” when the term is used in the Income Tax Act? _________, __________ or a ________.

The formula to determine tax payable is:
a) Income before income tax expense (From the income tax return) multiplied by the income tax rate.
b) Income before income tax expense (From the income tax statement) multiplied by the income tax rate.
c) Taxable income (from the income tax return) multiplied by the income tax rate.
d) Taxable income (from the income statement) multiplied by the income tax rate.

For any given year, your income tax payable can never exceed income tax expense.
a) True
b) False

A part year resident for the current year is an individual who either establishes residency in Canada during the current year or alternatively terminates residency in Canada during the current year.
a) True
b) False

Of the following individuals who would be a resident or deemed resident of Canada for tax purposes this year?

Alex is a U.S. citizen who commutes each day to Canada for employment purposes.
Bob is a U.S. citizen who lives in Canada during the week for employment purposes but returned to the U.S. on weekends to the house he shares with his wife and children.
Charles is a Canadian citizen who lived in Toronto until March of last year, at which time he left for a 4-year aid-mission in Africa under an agreement with the Canadian International Development Agency.
Derrick is a Canadian citizen who goes to school in the US for 8 months of each year but returns to Canada to live with his parents each summer.

Alex and Bob
Alex, Bob and Charles
Bob, Charles and Derrick
All of the above
None of the above

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