module 7 part 1

Question 1

Telecommunications act created the

Answer 1

do not call list

Question 2

do not call list penalities

Answer 2

1500 for individuals

15000 for a corp

Question 3

Bell canada operates the

Answer 3

national dncl service

Question 4

brokerages must register with the national dncl operator and

Answer 4

subscribe to the national dncl

Question 5

internal dncl records should be kept for a minimum

Answer 5

of 3 yrs

Question 6

What constitutes a buisness relationship

Answer 6

• made an inquiry within 6 months

- Purchased, leased, or rented a property through the brokerage in the past 18 months

Question 7

do not call list is updated

Answer 7

every 31 days

Question 8

goal of the canadian anti spam legislation

Answer 8

sets requirements for sending commerical electronic msgs

Question 9

CEM is any means of telecomm such as

Answer 9

email, phone, IM

Question 10

Express consent

Answer 10

consent to receive electronic comm has been given through an online or physical sign up

Question 11

implied consent of a buissness relationship expires within

Answer 11

2 yeras

Question 12

time limit fo sending a cem wo express consent is

Answer 12

6 months if they made an inquiry

Question 13

consent is not required in the case of a

Answer 13

referral

Question 14

Commissioner of competition is responsible for

Answer 14

the adminstration and enforcement of the competitiion act

Question 15

The competition act prohibits

Answer 15

misleading adverts

Question 16

conspiracies (The competition act)

Answer 16

unlawful agreement to fix or increase prices bw competitors

Question 17

Price maintenance

Answer 17

person influences prices in an upward direction by discouraging people offering lower prices

Question 18

Bid-rigging

Answer 18

agreement in response to a bids

Question 19

The competition act best practices (do not)

Answer 19

collude, discriminate or mislead

Question 20

Capital gain refers to the net increase in value

Answer 20

of a capital property from the date it was purchase to the date its sold

Question 21

Capital property is any item

Answer 21

if sold would result in a capital gain

Question 22

Business income refers to income a person earned

Answer 22

from an activity undertaken for profit

Question 23

Business income does not include

Answer 23

salaries obtained from an employer

Question 24

In a capital gain only 50% of

Answer 24

the net proceeds is added to the income of the taxpayer

Question 25

responsible for reporting whether CG or BI

Answer 25

tax payer

Question 26

If a property was purchased with the intention of not reselling

Answer 26

capital gain

Question 27

If a property was purchased with the intention of being an investment property

Answer 27

business income

Question 28

Tax court will classify profits as taxable BI if the taxpayer uses

Answer 28

Expertise acquired in business activities

Question 29

If you profit from the transaction as a business

Answer 29

business income

Question 30

Tax courts will review articles of incorp to determine if a trans

Answer 30

falls under the objects of he corp

Question 31

Income tax act specifies different tax treatment depending on whether or not a property is

Answer 31

used as a principal residence

Question 32

A principal residence does not require

Answer 32

the owner to pay tax on the capital gain

Question 33

Land must not exceed (to be a principal residence)

Answer 33

1.24 acres

Question 34

Non resident of canada may pay

Answer 34

tax liability in advance

Question 35

tax owed by a non-resident seller is calculated using

Answer 35

estimated sale proceeds minus the property’s adjusted cost base

Question 36

property’s adjusted cost base

Answer 36

original price paid + any legal fees or commissions