Exam (elaborations)
TAX 301 PRACTICE 4 EXAM
- Course
- Institution
TAX 301 PRACTICE 4 EXAM...
[Show more]
Content preview
Identify two personal tax credits that can, under certain circumstances, betransferred to a parent.
Disability tax credit and tuition tax credit can be transferred to a parent.
For individuals 65 or over, several types of income qualify for the pension
income tax credit. Identify three types of income that would qualify.
• periodic payments from an RPP;• an annuity payment out of an RRSP;• a
payment out of a RRIF;• an annuity payment from a Deferred Profit Sharing
Plan (DPSP); and • the interest component of other annuities.
In general, provincial income tax payable is calculated by multiplying one or
more graduated rates times the same taxable income that is used for federal
income tax purposes.
True
If two individuals are legally married and have three dependant children under
18 years of age either individual can claim an eligible dependant credit for all
three children.
False
It is possible to claim a tax credit for a physically or mentally infirm child under
18, even if that child does not qualify for the disability tax credit.
True
In determining the medical expenses tax credit, an individual cannot include the
medical expenses of dependants who are over 17 years of age unless they
qualify for the disability tax credit.
False
The tax credit for charitable donations is limited to 75% of the individual
taxpayer's federal income tax payable.
False
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Boostertips. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67163 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now