Chapter 4: Taxable Income and Tax Payable

Question 1

Six types of Division C Deductions?

Answer 1

1) Employee Stock Options
2) Deductions for Payments
3) Lump-Sum Payments
4) Capital Games Deduction
5) Northern Residents Deductions
6) Losses Deductible

Question 2

What are six refundable tax credits?

Answer 2

The very few refundable credits, meaning you can get a tax refund if the deduction of these credits creates a negative tax payable balance, include:

• medical expense supplement
• multigenerational home renovation tax credit
• eligible educator school supply tax credit
• fuel charge proceeds refund to farmers
• air quality improvement tax credits

Question 3

What are the common transferrable tax credits?

Answer 3

1) age
2) tuition
3) Pension
4) Disability