Tax

Question 1

What is the deadline for filing a corporate tax return?

Answer 1

6 months after year end date

Question 2

Which one of the following statements BEST describes the taxation of dividend income received by a minor child from a private corporation, when the shares in question were acquired for them by one of their parents?
A.
Dividends received by the child will be taxed to the child at the top personal tax rate.
B.
Dividends received by the child will be included in the parent’s income for tax purposes.
C.
Dividends received by the child will be split equally between the income for tax purposes of each of their parents.
D.
Dividends received by the child will be taxed twice: once at the child’s regular tax rate and once at the top personal tax rate.

Answer 2

A. Dividends received by the child will be taxed to the child at the top personal tax rate.

Question 3

What grossed-up amounts for dividends are included in net income for tax purposes for the following:
1. Eligible Divs
2. Non-eligible Divs
3. Foreign Divs

Answer 3

1. 15% gross up
2. 38% gross up
3. No gross up Full amount

Question 4

a “testamentary trust” is one that arose on and as a consequence of

Answer 4

the death of an individual.

Question 5

When an individual wishes to dispute a Notice of Assessment received from the Canada Revenue Agency, how much time does that individual have to file a Notice of Objection?

Answer 5

90 days from the notice of assessment date or 1 year after the tax filing date, whichever later