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Related to Canadian Personal Income Tax- Chapter 3, Employment income Multiple Choices Question: Which of the following does not correctly describe a fundamental rule in determining employment income? 1

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Related to Canadian Personal Income Tax- Chapter 3, Employment income

Multiple Choices Question:

Which of the following does not correctly describe a fundamental rule in determining employment income?

1. All remuneration from employment is included in employment income at the point in time that it is earned.

2. Subject to specific exceptions, all benefits enjoyed by employees by virtue of their employment are included in employment income.

3. Subject to specific exceptions, all amounts received as an allowance are included in employment income.

4. Except for specific list of items, no deductions are permitted in arriving at employment income.

5. All of the above statement correctly describes a fundamental rule in determining employment income.

6. None of the above statement correctly describe a fundamental rule in determining employment income