Tax Elective Supplementary

Question 1

Deductions in determining taxable income for a corp

Answer 1

Donations, Dividends, Other Year Losses

Question 2

Do you need to be over 65 to get the pension amount?

Answer 2

No

Question 3

Political contribution tax credit calculation:

Answer 3

75% on first 400, 50% on next 300, 33.33% on next 525

Question 4

What needs to be remembered at the end of every case?

Answer 4

HST implications?

Question 5

Maximum amount of utilities, property tax and insruance for moving expenses?

Answer 5

$5,000

Question 6

Section 86 exchange - new ACB equals

Answer 6

old ACB less non share consideration received

Question 7

Acquisition of control - what happens?

Answer 7

Deemed year end on day before, net capital losses are lost, non capital losses must be used in similar business.

Question 8

How are scholarships taxed?

Answer 8

Fully deductible to full time students.

Question 9

Deductions in determing personal taxable income?

Answer 9

Capital Gains Exemption, Carry forwards