Tax Elective 7

Question 1

2015 Basic Personal Amount

Answer 1

11,327 for everyone

Question 2

What is the employee EI rate?

Answer 2

1.88%

Question 3

What is the emloyer rate for EI? (compared to employee)

Answer 3

1.4 x

Question 4

What is the basic exemption for EI?

Answer 4

0

Question 5

Is EI collectible if you work for less than 7 days?

Answer 5

No

Question 6

What is the share ownership amount that makes you exampt from EI?

Answer 6

> 40%

Question 7

How are non arms length employees treated in regards to EI?

Answer 7

exempt

Question 8

What is the basic exemption for CPP?

Answer 8

$3500

Question 9

What is the employee and employer rate for CPP?

Answer 9

4.95 %

Question 10

Spousal amount (or eligible dependent amount) is? And is reduced by what?

Answer 10

$11,327 Their net income.

Question 11

Amount for an eligible dependent is?

Answer 11

You took care of a dependent, by yourself at some point. Up to $11,327 (reduced by their net income)

Question 12

What is the maximum amount for the adoption expense tax credit?

Answer 12

$15,000

Question 13

What is the adoption period?

Answer 13

When intent for adoption is filed to when adoption is granted.

Question 14

In what year do the adoption expenses get claimed?

Answer 14

In the year the adoption is granted.

Question 15

The family caregiver amount applies to who?

Answer 15

Those who have Dependents with physical or mental impairments.

Question 16

The family caregiver adds to which credits?

Answer 16

Spousal, Dependent, Child, Caregiver credits.

Question 17

Which two credits are interchangable?

Answer 17

Spousal and Eligible Dependent

Question 18

Caregivier amount is for having dependants who…

Answer 18

are over 18 and have mental or physical impairments…. or parents/grandparent with impairments over 65

Question 19

What is the pension income amount?

Answer 19

$2000 of eligible (not oas or cpp or foreign) pension amounts.

Question 20

Interest on student loans can be claimed how far forward?

Answer 20

five years

Question 21

What is form T2201

Answer 21

Disabiltiy Tax Credit Certificate

Question 22

How doe the disability amount change for persons under 18?

Answer 22

There is a supplement of $4,530 (but it is reduced if attendant care expenses had been claimed.)

Question 23

Whose medical expenses can you claim?

Answer 23

Yours, Spouse, Dependents under 18 (and other dependents individually calculated)

Question 24

Who should claim medical expenses?

Answer 24

Spouse with lower net income.

Question 25

What are medical expenses limited to?

Answer 25

Above $2,171 or 3% of net income. (whichever is less)

Question 26

What is the maximum amount of net income that can be claimed as donations?

Answer 26

75%

Question 27

Donations can be carried forward how long?

Answer 27

5 years

Question 28

Charitable donations tax credit is?

Answer 28

15% on first 200 and 29% on remainder

Question 29

First time super donors credit is what?

Answer 29

An extra 25% on first $1000 of donations. (if first time donating.)

Question 30

Canada employent amount is:

Answer 30

The lesser of income and 1,127

Question 31

Minimum stipulation for Public Transit amount.

Answer 31

unlimited travel of 5 consective days or more

Question 32

Can disability amounts be transferred from a dependent?

Answer 32

Yes

Question 33

If an amount is eligible for child care expenses and the fitness amount, which is it claimed under first?

Answer 33

Child care expenses

Question 34

Child care expenses MUST be claimed by?

Answer 34

Lower income spouse.

Question 35

As of 2015, the amount for children under 18 is?

Answer 35

No longer a credit.

Question 36

First year of TFSA was when?

Answer 36

2009

Question 37

Is interest on money borrowed to invest in a TFSA deductible or not?

Answer 37

not