Tax Elective 7 Flashcards

1
Q

2015 Basic Personal Amount

A

11,327 for everyone

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2
Q

What is the employee EI rate?

A

1.88%

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3
Q

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

A

1.4 x

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4
Q

What is the basic exemption for EI?

A

0

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5
Q

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

A

No

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6
Q

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

A

> 40%

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7
Q

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

A

exempt

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8
Q

What is the basic exemption for CPP?

A

$3500

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9
Q

What is the employee and employer rate for CPP?

A

4.95 %

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10
Q

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

A

$11,327 Their net income.

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11
Q

Amount for an eligible dependent is?

A

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

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12
Q

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

A

$15,000

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13
Q

What is the adoption period?

A

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

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14
Q

In what year do the adoption expenses get claimed?

A

In the year the adoption is granted.

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15
Q

The family caregiver amount applies to who?

A

Those who have Dependents with physical or mental impairments.

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16
Q

The family caregiver adds to which credits?

A

Spousal, Dependent, Child, Caregiver credits.

17
Q

Which two credits are interchangable?

A

Spousal and Eligible Dependent

18
Q

Caregivier amount is for having dependants who…

A

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

19
Q

What is the pension income amount?

A

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

20
Q

Interest on student loans can be claimed how far forward?

A

five years

21
Q

What is form T2201

A

Disabiltiy Tax Credit Certificate

22
Q

How doe the disability amount change for persons under 18?

A

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

23
Q

Whose medical expenses can you claim?

A

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

24
Q

Who should claim medical expenses?

A

Spouse with lower net income.

25
What are medical expenses limited to?
Above $2,171 or 3% of net income. (whichever is less)
26
What is the maximum amount of net income that can be claimed as donations?
75%
27
Donations can be carried forward how long?
5 years
28
Charitable donations tax credit is?
15% on first 200 and 29% on remainder
29
First time super donors credit is what?
An extra 25% on first $1000 of donations. (if first time donating.)
30
Canada employent amount is:
The lesser of income and 1,127
31
Minimum stipulation for Public Transit amount.
unlimited travel of 5 consective days or more
32
Can disability amounts be transferred from a dependent?
Yes
33
If an amount is eligible for child care expenses and the fitness amount, which is it claimed under first?
Child care expenses
34
Child care expenses MUST be claimed by?
Lower income spouse.
35
As of 2015, the amount for children under 18 is?
No longer a credit.
36
First year of TFSA was when?
2009
37
Is interest on money borrowed to invest in a TFSA deductible or not?
not