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Homework answers / question archive / Grant MacEwan University - ACCT 328 Chapter 1
Grant MacEwan University - ACCT 328
Chapter 1.docx
1)involves structuring transactions to reduce the tax liability of the taxpayer consistent with the intent of the income tax legislation.
Choose the correct answer.
A.
Tax fraud
B.
Tax avoidance
C.
Tax planning
Your answer is correct.
D.
Tax evasion
Choose the correct answer.
A.
tax avoidance
B.
tax planning
C.
tax evasion
Your answer is correct.
D.
tax collection
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Choose the correct answer.
A.
a tax shelter
B.
effective tax planning
C.
a general? anti-avoidance rule? (GAAR)
D.
an avoidance transaction
Choose the correct answer.
A.
personal property tax
B.
goods and services tax
C.
personal income tax
Your answer is correct.
D.
corporate income tax
Choose the correct answer.
A.
Harmonized Sales Tax? (HST)
B.
Goods and Services Tax? (GST)
C.
Combined Sales Tax? (CST)
D.
Provincial Sales Tax? (PST)
Choose the correct answer.
A.
lowercase letter in parentheses
B.
uppercase Roman numeral
C.
Arabic numeral
D.
lowercase Roman numeral in parentheses
Choose the correct answer.
A.
progressive
B.
aggressive
C.
regressive
D.
flat
Choose the correct answer.
A.
provide funding for provincial and territorial government units
B.
encourage economic expansion
C.
redistribute wealth from the wealthy to the poor
D.
provide public goods and services
Choose the correct answer.
A.
property tax
B.
sales tax
C.
federal individual income tax
D.
provincial individual income tax
and income taxes payable of $ 35,000. June has taxable income of $80,000
and taxes payable of $8,000. This scenario represents which type of tax? system?
Choose the correct answer.
A.
progressive
B.
regressive
C.
flat
D.
GST
A.
are established to provide specific details and procedural requirements necessary to enforce the Income Tax Act
B.
are established to adjust or change income tax rates on an annual basis
C.
are additions to the Income Tax Act that have not yet been passed into law
D.
are proposed changes to the Income Tax Act that are scheduled to be voted on
A.D
B.C
C.A
D. B
A.
on Canada Revenue? Agency's website
B.
within the Income Tax Act
C.
within the Income Tax Regulations
D.
within the narrative of court cases
A.
established precedents for how a court will decide a tax case
B.
helpful interpretations of how the Income Tax Act applies to? real-life scenarios;? however, these interpretations do not have the force of law
C.
internal government documents that are not intended for the public
D.
extensions of the Income Tax Act that have the force of law
A.
Information Circular
B.
Interpretation Bulletin
C.
Income Tax Folio
D.
Advance Income Tax Ruling
A.
the liability for income tax for residents of Canada
B.
the computation of Net Income for a taxpayer for the current year
C.
the computation of Taxable Income for a taxpayer for the current year
D.
the liability for income tax for? non-residents earning Canadian income
A.
Taxable Capital Gains minus? 50% of Capital Losses in a taxation year
B.
Capital Gains minus Capital Losses realized in a taxation year
C.
?50% of a Capital Gain realized in a taxation year
D.
Taxable Capital Gains minus Allowable Capital Losses in a taxation year
A.
an individual? person, corporation, or a trust
B.
an individual? person, partnership, or corporation
C.
a? corporation, partnership, or trust
D.
an individual person
A.
the Canadian Income Tax Act will determine the? individual's residency
B.
he or she will be subject to double taxation on his or her worldwide income
C.
international tax treaties will determine the? individual's residency
D.
the taxpayer? can't choose which country he or she wants to claim residency for tax purposes
A.
is not easily determined for all individuals
B.
is determined solely on the basis of where an individual lives
C.
is determined by the? individual's citizenship
D.
is clearly defined in ITA 250 in the Income Tax Act
A.
?part-year/part-time resident
B.
resident
C.
?non-resident
D.
resident abroad
A.
?non-residents are never subject to Canadian tax
B.
?non-residents are only subject to tax in Canada on employment income earned in Canada
C.
?non-residents are subject to tax on certain sources of income earned in Canada
D.
?non-residents who are employed in Canada are taxed on the same income as residents of Canada
A.
as a? part-year resident
B.
as a? non-resident
C.
as a resident
D.
as a resident alien
A.
each year he owns the second home
B.
only if he becomes a permanent Canadian resident
C.
in the year he sells the second home for a profit
D.
on any income he earns while staying at the second home
A.
they maintain primary residential ties in? Canada, whether they live in Canada or abroad
B.
they have ever filed a Canadian resident tax return
C.
they invest in the Canadian stock market or conduct business in Canadian dollars
D.
they are Canadian citizens
A.
individuals only
B.
individuals and trusts
C.
?individuals, corporations, and trusts
D.
individuals and corporations
A.
The net amount reported under? 3(b) does not apply in the computation of net income for a year
B.
The net amount reported under? 3(b) cannot be zero
C.
The net amount reported under? 3(b) cannot be a positive amount
D.
The net amount reported under? 3(b) cannot be a negative amount
A.
Canada Revenue Agency collects both federal and ALL provincial income taxes.
B.
Canada Revenue Agency collects federal taxes and each province collects provincial income taxes.
C.
Canada Revenue Agency collects federal and MOST provincial income taxes.
D.
The applicable provincial finance and revenue agency collects both federal and provincial income taxes for corporations operating within the province.
A.
draft legislation
B.
court decisions
C.
advance income tax rulings
D.
international tax treaties
A.
Income Tax Technical News
B.
Technical Interpretations
C.
Electronic Libraries
D.
Income Tax Folios
A.
within Income Tax Regulations
B.
at municipal courthouses
C.
within the Income Tax Act
D.
on the? CRA's website
A.
establish diplomatic relations between Canada and other countries
B.
encourage companies to establish international operations
C.
allow companies to operate? tax-free outside of their home country
D.
eliminate double taxation on the same income of a company
A.
?individuals, corporations, and partnerships
B.
?individuals, corporations, and estates
C.
?corporations, trusts, and estates
D.
?individuals, corporations, and trusts
A.
ONLY provincial governments
B.
the federal government and ALL provincial governments
C.
the federal government and SOME provincial governments
D.
ONLY the federal government
A.
flat tax
B.
progressive
C.
single payer
D.
Regressive
A.
Neutrality
B.
International Competitiveness
C.
Equity
D.
Simplicity
A.
to deter the corporations from accumulating large profits without distributing them
B.
to? re-allocate funds from large corporations to Canadian citizens
C.
to provide funding for the Canadian government
D.
to discourage corporations from becoming excessively profitable
A.
Income tax regulations
B.
Court decisions
C.
Draft legislation
D.
International tax treaties
A.
Division
B.
Subparagraph
C.
Subsection
D.
Subclause
A.
a US corporation that employs Canadian citizens to work in its US facility
B.
a former Canadian citizen who has surrendered his citizenship and lived in the US for 5 years
C.
a US citizen who visits Canada on vacation
D.
a US corporation that has a distribution facility located in Canada
A.
when a? taxpayer's taxes payable are due
B.
what amount of a? taxpayer's income is subject to tax
C.
who is liable for payment of Canadian taxes
D.
the amount of tax a taxpayer owes
A.
The location in which the highest level of decision making for the corporation takes place.
B.
Whether or not a tax treaty exists with the other countries that the corporation has operations in.
C.
The residence of the CEO and board of directors of the corporation.
D.
The? corporation's country of incorporation.
A.
The company is deemed to be a resident of? Canada, and a? non-resident of any other countries within which it operates.
B.
The company is deemed to be a resident of? Canada, and can also be a resident or? non-resident of other countries within which it operates.
C.
The company is deemed to be a resident of whatever country its headquarters and upper management is located within.
D.
The company is deemed to be a resident of Canada so long as any of its shareholders are Canadian residents.
A.
the calendar year
B.
a fiscal period not longer than 53 weeks chosen by the corporation
C.
a fiscal period of any length chosen by the corporation
D.
any 12 month period of the? corporation's choosing
A.
Residence is primarily determined based on tax treaties that exist among countries within which a corporation does business.
B.
Residence is primarily determined based on the country of incorporation and which country the corporation desires to be a resident of.
C.
Residence is a subjective test based on the particulars of a? corporation's operations, and is not easily manipulated.
D.
Whether or not a company is a Canadian resident is easily determined by applying the rules within the ITA.
A.
adding all positive sources of income
B.
netting all positive and negative sources of income
C.
netting allowable capital losses against other sources of income
D.
determining the excess of taxable capital gains over allowable capital losses
A.
current year allowable business investment losses
B.
employment loss carry overs
C.
current year business losses
D.
property loss carry overs
A.
will NOT be subject to Canadian taxation on any of its income
B.
be subject to Canadian taxation on its worldwide income
C.
be subject to Canadian taxation on its Canadian and US? income, but NOT on income from other global operations
D.
be subject to Canadian taxation only on its income from sources within Canada
A.
The income Walmart derives from its Canadian operations is subject to Canadian taxation.
B.
The worldwide income of Walmart is subject to Canadian taxation.
C.
The income Walmart derives from its US and Canadian operations is subject to Canadian taxation.
D.
None of? Walmart's income is subject to Canadian taxation.
A.
have any Canadian resident shareholders
B.
generate any revenues from operations within Canada
C.
have any income from sources within Canada
D.
have Tax Payable under Part I of the Income Tax Act
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