Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

QAFP > Tax > Flashcards

Tax Flashcards

1
Q

Can you get a tax credit on student loan payments?

A

Yes, for government student loans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

If you are gifting property to an arm’s length person, what is your POD and what is their ACB?

A

Your POD=FMV
Their ACB=FMV

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

If you are gifting property to a NON arm’s length person for less than FMV, what is your POD and what is their ACB?

A

Your POD=FMV
Their ACB=the price they paid

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

If you are gifting property to a NON arm’s length person for no consideration (ie. a gift), what is your POD and what is their ACB?

A

Your POD=FMV
Their ACB=FMV

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Is the assignment of a life insurance policy from a parent to their child considered a disposition?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Is the lifetime capital gains exemption applicable to real estate?

A

No, only qualifying small business shares

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Can I deduct legal fees paid to increase spousal support?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What happens to non-registered assets when you die, if you have a spouse?

A

Rollover to your spouse at your ACB (so tax gets deferred until surviving spouse dies)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

How is life insurance policy gain taxed if you cash out and get the CSV?

A

CSV minus ACB, fully taxed as income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Is WCB taxable?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Are research grants taxable?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

If your spouse is self-employed, when do you need to file taxes by?

A

June 15

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

If the employer pays your premiums for life and critical illness insurance, is it a taxable benefit?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

If the employer pays your premiums for health and dental insurance, is it a taxable benefit?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

When are disability benefits taxed?

A

If your employer paid for part or all of the premium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

When are disability benefits tax-free?

A

If you paid the entire premium yourself.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What does the lifetime capital gains exemption apply to?

A

Qualified small business shares. Does not apply to property.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Attribution rules for funds invested in child’s name?

A

capital gains are taxed in child’s hands at top marginal rate, while interest and dividends are taxed in the donor’s hands

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Tax implications of transferring a life insurance policy to a charity?

A

You get the tax credit in the year of transfer for the cash value.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

When do stock options become a taxable benefit? And what is the tax treatment?

A

At the time of exercise. Full amount added to income, but then a 50% deduction is allowed (to make this similar to capital gains taxation)

21
Q

Basic Exemption amount? (2022)

A

$14,398

22
Q

At what income level are you no longer eligible for GIS? (2022)

A

$20,000 for single person
$27,500 for couple

23
Q

At what income level must businesses collect GST?

A

$30,000

24
Q

At what income level does CCB become reduced?

A

$32,000

25
Q

At what income level does CESG get reduced from $100 to $50? (2022)

A

$50,000

26
Q

At what income level do you enter the 20% federal tax bracket?

A

$50,000

27
Q

At what income level are you no longer eligible for CLB?

A

$50,000

28
Q

At what income level are you no longer eligible for CDSB?

A

$50,000

29
Q

What is the YMPE? (2022)

A

$64,900

30
Q

At what income level does OAS start to be clawed back?

A

$79,000

31
Q

At what income level do you enter the 26% tax bracket?

A

$100,000

32
Q

At what income level do you no longer receive extra CESG?

A

$100,000

33
Q

At what income level do only receive 100% CDSG matching instead of the 300% and 200%?

A

$100,000

34
Q

At what income level do you get a full OAS clawback?

A

$130,000

35
Q

Max RRSP contribution?

A

$29,210

36
Q

At what income level do you enter the 29% tax bracket?

A

$155,000

37
Q

At what approximate income level do you no longer receive CCB?

A

$160,000 to $190,000 depending on # of children, etc

38
Q

At what income level do you enter the 33% tax bracket?

A

$221,000

39
Q

Does income attribution occur after divorce/separation?

A

No

40
Q

What is a non-refundable tax credit?

A

Can reduce tax to $0 but no less than $0.

41
Q

What is a refundable tax credit?

A

Do not reduce tax payable. Usually paid to low income earners. Can include CCB and GST

42
Q

Can personal use property create a capital loss?

A

No. PUP can only create capital gains?

43
Q

Rules for ACB and POD of personal use property?

A

Minimum ACB=$1,000
Minimum POD=$1,000

44
Q

Can depreciable property generate a capital loss?

A

NO

45
Q

When does recapture occur?

A

Recapture = POD - UCC

46
Q

When does a terminal loss occur?

A

When POD less than UCC

47
Q

Medical Expense Tax Credit - how much can you claim?

A

The lesser of:
$2421 or 3% of income

48
Q

Lifetime Capital Gains Exception criteria?

A

Must be company with 50% of its assets actively used in operations in Canada over a 24-month period. 90% of the assets need to be used in business operations at the time of the sale.
Shareholder had to own shares for 24 months prior to sale.

49
Q

Principal Residence Exemption

A

(# yrs designated as PR + 1)/(# yrs owned)

QAFP (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions