Chad and Jason Roberts paid $8,500 during the year for childcare for their three children, aged 2, 6 and 11. Chad's annual salary was $12,000 and Jason's annual salary was $42,000. Chad can deduct the $8,500 paid from his income. a) True b) False The entire amount of retiring allowance received must be included in income, even if some part of the allowance was transferred to an RRSP. a) True. b) False
Chad and Jason Roberts paid $8,500 during the year for childcare for their three children, aged 2, 6 and 11. Chad's annual salary was $12,000 and Jason's annual salary was $42,000. Chad can deduct the $8,500 paid from his income. a) True b) False The entire amount of retiring allowance received must be included in income, even if some part of the allowance was transferred to an RRSP. a) True. b) False
Chapter7: Tax Credits
Section: Chapter Questions
Problem 9P
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![Chad and Jason Roberts paid $8,500 during the year for childcare for their three
children, aged 2, 6 and 11. Chad's annual salary was $12,000 and Jason's annual
salary was $42,000. Chad can deduct the $8,500 paid from his income.
a) True
b) False
The entire amount of retiring allowance received must be included in income, even if
some part of the allowance was transferred to an RRSP.
a) True.
b) False
The amount earned in a Tax Free Savings Account (TFSA) is not subject to taxation;
however, the withdrawals from a TFSA are taxed in the hands of the recipient.
a) True
b) False
int)
MacBook Pro](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F15c83c94-5314-4a21-9e70-4aa8e53c29f2%2Fd3f67782-62a5-4382-be96-4cb893709d2d%2Fpt12fwk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Chad and Jason Roberts paid $8,500 during the year for childcare for their three
children, aged 2, 6 and 11. Chad's annual salary was $12,000 and Jason's annual
salary was $42,000. Chad can deduct the $8,500 paid from his income.
a) True
b) False
The entire amount of retiring allowance received must be included in income, even if
some part of the allowance was transferred to an RRSP.
a) True.
b) False
The amount earned in a Tax Free Savings Account (TFSA) is not subject to taxation;
however, the withdrawals from a TFSA are taxed in the hands of the recipient.
a) True
b) False
int)
MacBook Pro
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