Question 1 (1 point) 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. Question 1 options: a) True b) False Question 2 (1 point) The entire amount of retiring allowance received must be included in income, even if some part of the allowance was transferred to an RRSP. Question 2 options: a) True b) False Question 3 (1 point) Saved 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. Question 3 options: a) True b) False Question 4 (1 point) All corporations must file their tax returns no later than six months after the end of their fiscal year and pay any balance of tax owing no later than three months after the end of their fiscal year. Question 4 options: a) True b) False
Question 1 (1 point)
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 |
Question 2 (1 point)
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 |
Question 3 (1 point)
The amount earned in a Tax Free Savings Account (TFSA) is not subject to
a) True | |
b) False |
Question 4 (1 point)
All corporations must file their tax returns no later than six months after the end of their fiscal year and pay any balance of tax owing no later than three months after the end of their fiscal year.
a) True | |
b) False |
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