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Accounting > Tax Elective 4 > Flashcards

Tax Elective 4 Flashcards

1
Q

Class and Rate: Patents

A

44 - 25% (or use 14)

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2
Q

Class and Rate: Computers & OS

A

50 - 55% (2009-2011 was 52 at 100%)

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3
Q

What is Eligible Capital Property?

A

Intangibles with unlimited lives

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4
Q

CEC is added at what amount?

A

75% of cost

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5
Q

CEC deduction is what?

A

7% of CEC balance.

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6
Q

Vacant Land - excess property tax and interest?

A

Added to ACB of Vacant Land

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7
Q

How much monthly is an auto lease deduction limited to?

A

$800 plus HST

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8
Q

Two methods allowed for determining inventory are:

A

Average cost or FIFO

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9
Q

Inventory valuation is at:

A

lower of cost and market

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10
Q

Farm Losses: Hobby Farmer

A

Cannot deduct loss

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11
Q

Farm Losses: Restricted

A

First $2500 full, next 30,000 at 50%

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12
Q

When do restricted farm losses apply?

A

Not chief income but still expected to generate income

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13
Q

Individual - instalments if:

A

> 3000 owed in year and either of past two years

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14
Q

Corp - instalments if:

A

> 3000 owed in prior year

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15
Q

Corp Tax - balance due (non ccpc)

A

2 months after

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16
Q

Corp Tax - balance due (CCPC)

A

3 months after unless there is investment income (then 2 months)

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17
Q

Trust - balance due

A

90 days after

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18
Q

Individual - Instalments Due:

A

Mar Jun Sep Dec 15th

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19
Q

Auto expense CCA max cost

A

30,000 + tax

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20
Q

Taxable or Not? Club Dues

A

Not

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21
Q

Taxable or Not? Discounts for all employees

A

Not

22
Q

Taxable or Not? Frequent Flyer points (non corp cc)

A

Not

23
Q

Taxable or Not? Subsidized meals

A

Not

24
Q

Taxable or Not? Uniforms

A

Not

25
Q

Taxable or Not? Recreational facilities

A

Not

26
Q

Taxable or Not? Transport passes

A

Not

27
Q

Taxable or Not? Reimbursement of moving expenses

A

Not

28
Q

Taxable or Not? Provided business trips, courses, computer

A

Not

29
Q

Taxable or Not? $1000 non cash gift/award

A

Taxable

30
Q

Taxable or Not? $500 or less non cash gift/award

A

Not

31
Q

Taxable or Not? Additional long service award under $500

A

Not

32
Q

Taxable or Not? Contrib to Group Sickness

A

Not

33
Q

Taxable or Not? Contributions to your private health plan services.

A

Not

34
Q

Taxable or Not? Counselling services

A

Not

35
Q

Taxable or Not? Board & Lodging

A

Taxable

36
Q

Taxable or Not? Benefits received of any kind unless exempt

A

Taxable

37
Q

Taxable or Not? Use of company vehicle

A

Taxable

38
Q

CCPC reassessment period

A

3 years

39
Q

What is the interest rate on late payments?

A

prescribed rate + 4%

40
Q

What components are there to a vehicle taxable benefit?

A

Standby Charge & Operating Benefit

41
Q

Empoyer Owned - Standby Charge

A 
1 or (if over 50% business) personal km / 
(1667 x avail days /30) x 2%  x Cost incl HST x avail days / 30
42
Q

Operating Benefit

A

27 cents per km (or if over 50% business then 50% of

standby charge)

43
Q

What is the corporate deduction for mileage?

A

First 5,000 km are 55 cents & the rest is 49 cents

44
Q

Employer Leased - Standby Charge

A 
1 or (if over 50% business) personal km / 
(1667 x avail days /30)  x 2/3 x (lease incl hst less insurance component)
45
Q

What if a corporation pays more than the standard deduction?

A

Not deductible.

46
Q

When is the operating benefit reduced?B63AA51:B91

A

If > 50% business use then 50% of stabdby charge for

operating benefit.

47
Q

Restricted Farm Loss - two parts

A

Deductible amount ($17500) and restricted amount carried to FARMING income of other years.

48
Q

Employer RRSP contributions

A

Employer’s contributions to the RRSP are included in the employee’s income, but are then deducted as part of the RRSP contributions deduction.

49
Q

Company: Deductible? Contribution to PHSPs?

A

Yes

50
Q

Individual: Deductiblle? Contribution to PHSPs?

A

Yes, as medical expenses.

Accounting (14 decks)

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