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British Columbia Institute of Technology - FMGT 4410 tax 2 midterm mc (1)

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British Columbia Institute of Technology - FMGT 4410

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1)Canadian residents living in? ________ qualify for special deductions that are intended to offset the high cost of living in this area.

 

2. Which of the following types of payments received by an individual taxpayer are deducted in computing taxable? income?

 

3. In which of the following situations will the spousal credit be greatest for a married? couple?

 

4. Betty is 72 years old and has net income for tax purposes of $54,000. Assume that the limitation of the age tax credit begins at $37,500 and that the base amount of the credit is $7,400. What is the age tax credit for Betty under these? assumptions?

$0

$2475

$739

$7400

 

5. The basic tax? credit, spousal tax? credit, and Canada employment tax credit are all based on a credit rate of? ________ of a specified amount.

7%

19%

10%

15%

 

6. With regard to the medical expense? credit, which of the following is? correct?

 

7. With regard to the Old Age Security? Clawback, which of the following is? incorrect?

 

8. Which of the following tax items is of most value in terms of tax savings to a? taxpayer?

 

9. Assume an individual is in the 29?% tax bracket. For this? individual, an additional $120 deduction allowable in calculating taxable income will reduce taxes payable by? ________. An additional $120 tax credit allowable will reduce taxes payable by? ________.

$120, $120

$35, $35

$35, $120

$120, $35

 

10. A taxpayer can use the lifetime capital gains deduction against? ________.

 

11. With regard to federal income tax in? Canada, ________.

 

 

12. With regard to refundable tax? credits, ________.

 

13. What is the maximum federal tax rate levied on an? individual's taxable income for the current taxation? year?

 

 

14. Which of the following does NOT accurately describe the calculation of federal tax payable for? individuals?

 

15. The eligible dependent credit is? ______________.

 

16. Which of the following BEST describes the Canada Caregiver? Credit?

 

17. Which of the following statements related to the ITA? 118(3) Pension Income Tax Credit is NOT? correct?

 

18. The ITA? 118(10) Canada Employment Tax Credit? ____________.

 

19. Which of the following statements is NOT correct with respect to the ITA 118.01 Adoption Expenses Tax? Credit?

 

20. The ITA 118.05 First Time Home? Buyer's Tax Credit? ______________.

 

21. Which of the following statements regarding the calculation of the ITA 118.1 Charitable Donations Tax Credit is? correct?

 

22. Which of the following medical expenses does NOT qualify for the ITA 118.2 Medical Expense Tax? Credit?

 

23. Mr. Moore incurred qualifying medical expenses of? $4,528 and has net income for tax purposes of? $86,287 in the current year. Mr. Moore is single and has no dependents. Assume that the current year limitation for the medical tax credit is? $2,500. What is the medical expense tax credit for Mr. Moore under these? assumptions?

$304

$291

$2589

$679
 

 

 

24. With regard to the ITA 118.3 Disability Tax? Credit, which of the following statements is? correct?

 

25. Income earned from foreign sources by a Canadian corporation is? ________.
     
26. A Canadian manufacturing company invests in bonds issued by a governmental entity of the US. Interest received on the bonds would be reported as? ________.

 

27. The production of business income generally requires? ________, while the production of property income does not.

 

28. Which of the following types of income is property? income?
     

 

29. Which of the following best describes the dividend tax? credit?

 

30. Which of the following best describes the dividend? gross-up?

 

31. Karl is an individual who holds significant property and earns approximately $475,000 in property income annually. John is an individual who purchased the same types of properties as Karl?, but transferred all of the property to a? corporation, John Corp, of which he owns 100?%. John Corp earns approximately $475,000 in property income annually and distributes all the after tax profits to

John in the form of a dividend. Assuming the tax rate for each individual is the same and that perfect integration? exists, with regard to the total income taxes that will be paid on each? individual's source of income, ________.
 

32. ?Non-eligible dividends? ________.

 

33. In? general, in order for interest payments to be deductible they must be incurred for the purpose of earning? ________.

 

34. Brad is an individual. He purchases a second home that is rented out the entire year. Brad spends very little time and effort tending to the affairs of the rental home. The income Brad earns from the rental home would be reported as? ________.

 

35. On which of the following would the related interest payments generally be deductible in the computation of an? individual's property? income?
     

 

36. CCA deductions related to property income? ________.

 

37. The rate that applies to CCA on residential rental buildings acquired after 1987 is? ________ percent.

 

 

38. Dr. Jayden Bauer has hired your professional services to file her income tax return. Dr. Bauer is a retired surgeon. Due to her failing? eyesight, Jayden was required to retire from her occupation at a younger age than normal.? Fortunately, Jayden has more than enough income to support herself as a result of years of receiving a very large salary as a surgeon and a family inheritance. Jayden has invested most of her past employment earnings into a large portfolio which paid the following amounts during 2020?, the current year.

Compute Dr. Bauer?'s net property income for 2020.

46) Jayden has reviewed your calculation of net property income and she is confused. Jayden does not understand why the dividend income included in your calculation is different than the amounts she received in the year. Describe for Jayden the concept of integration and how this impacts the taxation of Canadian source dividends as well as the tax consequences of foreign source dividends received by an individual in Canada.

 

47) Jayden informs you that she plans on selling her rental property in the near future and using a portion of the proceeds from the sale to pay off some of her debt with the bank. Jayden would like your advice on which loans she should pay back first in order to achieve the most favourable tax consequences.

Choose the correct answer.

 

 

 

 

 

48. Greg is a Canadian resident and is also a shareholder in a Swedish corporation. The corporation pays the shareholder a dividend of Canadian $4,000 and withholds Swedish taxes of Canadian $2,000. How much of the dividend will Greg include in his Canadian taxable? income?

$4000

$2000

$0

$6000

 

49. Which of the following payments received by an individual are tax? free?

 

50. Which of the following would be considered an other than eligible dividend? (i.e. a? non-eligible dividend)?

 

51. Which of the following best describes the modified accrual approach used to record interest income earned by individual taxpayers from an investment? contract?

 

52. With respect to the calculation of net rental? income, which of the following is? incorrect?

 

53. With respect to the taxation of trusts in? Canada, which of the following is? incorrect?
54. Assuming all of the following expenses were incurred for the purpose of earning property? income, which of the following would NOT be deductible in the computation of net property? income?

 

55. When a corporation that is not a financial institution holds bonds of another company that were issued at a? discount, interest is recognized? ________.

 

56. When a corporation holds property that is subsequently rented? out, ________.

 

57. A Canadian resident corporation has a portfolio of investments which earned dividends from taxable Canadian public corporations of $24,500 in the current year. The corporation purchased this portfolio of investments using excess cash as well as a loan from the bank. During the current? year, the corporation paid $15,000 of interest on the bank loan used to purchase the portfolio of investments. In? addition, the corporation purchased a $170,000 par-value bond with a 3?% interest rate on September 1 of the current year. What is the correct amount of net property income the corporation should report on its tax return for the current year ended December? 31?
    $16,763

$26,200

$11,200

$10,500

 

58. A Canadian resident corporation decides to invest in shares of a foreign corporation. The tax rate in the foreign? corporation's country of residence is lower than the Canadian tax rate. When the foreign corporation pays? dividends, the overall tax on the dividends will be at? ________.
59. The amount of foreign tax withheld on foreign source income that a taxpayer can utilize in the computation of the foreign? non-business tax credit is? ________.

 

60. Which of the following is NOT a benefit of investing in a mutual fund organized as a? trust?

 

61. From a tax? standpoint, rental property income is appealing because? ________.

 

62. Which of the following factors MOST often prevents the ITA from achieving perfect integration between corporate and individual? taxes?

 

 

 

 

 

 

 

 

 

 

 

 

63. You are provided with the following amounts for Susan Kim for the current? year:
    1. Net employment income? (ITA 5 to? 8) = $55,000
    2. Interest income? (ITA 12)? = $5,700
    3. Taxable amount of dividends? (ITA 12)? = $2,720
    4. Taxable capital gains? (ITA 38 to? 55) = $1,500
    5. Allowable capital losses? (ITA 38 to? 55) = $2,500
    6. Interest expense? (bank loan for investment? purposes) = $1,500
    7. Investment counsel fees? = $800
    8. RRSP deduction? (allowed pursuant to ITA? 60) = $9,000

Based on the? above, the? "net property? income" reported by Susan Kim pursuant to ITA? 3(a) for the current year? is:

$8420

$6120

$7420

$53,460

 

64. Consider? Sam, an individual who has a piece of property that substantially appreciated since he purchased it. If Sam decides to sell the? property, a sale to which of the following people would most likely be considered to be? non-arm's length as per the Income Tax? Act?

 

65. What is the basic reason for the ITA dealing with? non-arm's length sales differently than other? sales?

 

66. Philip owns a parcel of land. The estimated fair market value of the land is $220,000. Philip paid $70,000 for the land. Which of the following scenarios is an example of a? non-arm's length? transaction?
     

 

67. Which of the following is correct regarding the definition of? "related persons" with respect to? corporations?

 

68. In accordance with ITA? 69, when land is sold between? non-arm's length parties for a transfer price that is greater than fair market value of the? land, the adjusted cost base of the land purchased by the transferee is deemed to? be: ________.
     
69. James has? non-depreciable property with an adjusted cost base of $146,000. The fair market value of the property is $173,000. James sells the property to his son Jake for $166,000. Two years? later, Jake sells the property to an unrelated individual for $183,000. How much capital gain will be recognized by each on the sale of the? property?

James, $27,000; Jake, $7000

James, $20,000; Jake, $17,000

James, $27,000; Jake, $7000

 

70. Jared owns a parcel of land with an adjusted cost base of $152,000. The fair market value? (FMV) of the land is $240,000. In the current taxation? year, while still? alive, Jared transfers ownership of the land to his wife Keena. How much capital gain will Jared recognize on the transfer if he makes no election in his return of? income?

$120,000

$0

$150,000

$88,000

 

71. Consider a situation in? which, during his or her? lifetime, an individual? transfer's ownership of a building to his or her spouse. If the building is the only asset within the property? class, and if the taxpayer makes no election on return of? income, the spouse will assume an adjusted cost base in the property equal to? ________ of the property.

 

72. Under the rules set forth in ITA 69 and ITA? 73, a taxpayer engaging in a? non-arms' length transaction with which of the following parties will not trigger double taxation on the gain realized on the ultimate disposition of the? property?
     

                                              

73. The primary goal of the income attribution rules within the ITA are to? ________.

 

74. John has a parcel of vacant land that he had purchased as an investment. The land has an adjusted cost base of $156,000 to John. The fair market value of the land on January 1 of the current taxation year is

$182,500. On this? date, John gifts the property to his? 14-year-old daughter, Tammy. Tammy subsequently sells the land on December 1 of the current year for its fair market value of $210,000. How much gain will each recognize on this series of? transactions?

John, $0; Tammy, $54,000

John, $26,500; Tammy, $27,500

John, $54,000; Tammy, $0

John, $27,500; Tammy, $26,500

 

75. When an individual rolls over a farm or fishing property to a minor child at the? property's tax? cost, which of the following? occurs?
    .

 

76. Jason is the sole owner and CEO of a privately held? corporation, J Co. Jason has the corporation buy a car for his son Jake?, who just turned 16. With regard to the car? purchase, ________.

 

77. Payments made by corporations to third parties at the discretion of the taxpayer are? ________.

 

78. Which of the following would be considered affiliated persons for income tax? purposes?

 

79. When considering a? non-arm's length? transaction, individuals can be? "related persons" with? ________
    ?
80. Which of the following amounts is deductible in determining an? individual's net? income?

 

81. Brian and Mary are former spouses. Pursuant to a court? decree, Brian must pay Jessica $13,000 per year in support payments. Of this? amount, $9,500 is child support and $3,500 is spousal support. For the current tax? year, Brian has only paid $6,500 of his required support. How much of the payment is deductible by Brian in determining his taxable? income?

      $9500

$0

$1500

$3500
 

 

82. Which of the following payments would be included in an? individual's taxable? income?

 

83. Peter and Debbie are married and they have two? children, aged 15 and 19. The 19 year old child is paralyzed and confined to a wheelchair. Debbie and Peter pay a? live-in nanny $26,500 per year to take care of their children for the entire year. Peter works full time and earns a salary of $140,000 per year. Debbie works part? time, earning a salary of $48,000 per year. Debbie is also upgrading her education and goes to college part time during the fall? semester, for a total of 30 weeks or 8 months in the current year. Which of the following is correct with respect to Peter and Debbie?'s ability to claim a deduction for child care? expenses?

 

84. Which of the following is a taxable retiring? allowance?
     
85. Retiring allowances are generally? ________ in the computation of? ____________.

 

86. Alex and Kristeen are married. In the current? year, Alex is involved in an accident while working for his employer and dies. The employer pays Kristeen $45,000 as a death benefit in recognition of Alex?'s service to the company. How much of the $45,000 will be included in Kristeen?'s taxable? income?
    $8000

$0

$35,000

$45,000

 

87. In the current? year, Robin Barnes moved from Toronto to Vancouver to start a new business. In the current fiscal? year, the business generated income in excess of $82,000. Ms. Barnes incurred the following costs of? moving:
    1. Transport of household? effects: $7,000
    2. Travel – self, spouse, and three? children: $2,800
    3. Legal fees – condo purchase in? Vancouver: $2,300
    4. Cancellation costs – lease in? Toronto: $1,850
    5. Temporary accommodation while waiting for new house at $55 per day for 30? days: $1,650
    6. House-hunting trip? (prior to? move): $800

Which one of the following amounts represents the maximum amount that Ms. Barnes may deduct for moving expenses on her personal income tax? return?

$12,475

$15,350

$16,400

$14,150

 

88. Which of the following describes the tax treatment of? workers' compensation payments received by an? individual?
     

 

89. How do employment insurance? (EI) benefits received affect an? individual's income?
     
90. Which of the following is a deductible moving? expense?

 

 

 

91. Chris is? self-employed. His total CPP contribution in the current year is $3,100. How? much, if? any, of? Bob's contribution is deductible in the computation of? Bob's net? income?

$0

$1925

$1550

$3100

 

92. Greg and his? wife, Susan?, separated five years ago. The written separation agreement requires Greg to make both spousal and child support payments to Susan. Payments were set at $450 per month for Susan and $650 per month for the child. During the current? year, Greg?'s payments totaled $13,200. How much of the current year payments can Greg deduct on his tax? return?

$13,200

$8800

$7800

$5400

 

93. Joshua had been? unemployed, living in Manitoba. He finds and takes a new job 49 km away from his current residence. He earns $14,000 in wages from his new job in the current year. In the current? year, he sells his current? residence, paying $2,300 in realtor commissions. He pays a moving company $200 to transport his belongings to a new home in Manitoba that is only 15 km away from his new job. He pays $1,700 in costs to acquire his new home. How much in moving expenses can Joshua deduct to determine his taxable income for the current? year?

$4200

$200

$1700

$0

 

94. If an? individual's deductible moving expenses for the current year exceed his or her employment or business income at his or her new location in the current? year, ________.

 

95. Excluding those with? disabilities, a child must be under the age of? ________ at some time in the year to be an eligible child for purposes of deducting child care expenses.

 

96. In? general, expenses for child care are deducted by which spouse for a married? couple?

 

97. An employer agrees to pay up to $5,250 of moving costs to hire a new employee. Reimbursement for which of the following costs of moving would be of greatest tax benefit to the? employee?

 

98. During the current? year, Peter makes a move within Canada to take a new job. His former residence was

30 km from his old job and is 700 km from his new job. His new residence is 30 km from his new job and

700 km from his old job. Peter takes a loss of $2,750 selling his old? residence, pays a moving company $3,800?, and pays acquisition costs of $5,200 for his new house. Peter has employment earnings of $26,000 from his new employer in the current year. If Peter?'s new employer agrees to reimburse any of the above moving expenses up to $6,550?, what will Peter?'s net income or net deduction for moving expenses in the current? year?

 

99. If elected by the? pensioner, ________ of pension income can be split between the pensioner and his or her spouse or? common-law partner.

 

100. With respect to the maximum amount an individual can contribute to a? TFSA, ________.

 

101. Under which of the following plans does the Canadian government contribute to the plan based on the contributions of? others?

 

102. How are educational assistance payments from RESPs? taxed?

 

103. Low income taxpayers can take advantage of? ________ to generate savings for the future education of their children with very little investment of their own funds.

 

104. An individual has $7,500 to invest. He can choose to invest the funds in either an RRSP or a TFSA. If either investment will yield the same? return, under which scenario would the TFSA lead to an overall permanent reduction in income taxes payable on the? investment?

 

105. Which of the following is an advantage of TFSAs over? RRSPs?

 

106. When a corporation engages in a transaction with one of its? shareholders, ________.

 

107. Which of the following transactions would be the BEST alternative for a company to minimize taxes? payable?

 

108. Bill owns a car dealership. If? Bill's dealership sells a car to? ________, it will be considered? non-arm's length.

 

109. What is the main reason for the ITA dealing with? non-arm's length sales differently than other? sales?

 

110. What amount of payments received from an annuity that was acquired within a tax deferred plan must be included in the? recipient's net income for tax? purposes?

 

111. RESPs and RDSPs are tax advantaged plans because? ________.

 

112. The tax benefits associated with an RRSP are? ________.

 

113. The RRSP deduction limit is? a(n) ________.

 

114. Which of the following income types is excluded from earned income when calculating a? taxpayer's RRSP deduction? limit?

 

 

 

115. The home? buyer's plan and lifelong learning plan are incentives that apply to which tax deferral? plans?

 

116. The RRSP annual limit for the current year is calculated as? ________

 

117. Suki Vanderbilt would like to calculate her RRSP annual limit and needs your assistance in computing her earned income. Her previous? year's tax return reported the following? amounts:
     1. $70,000 net employment? income, after deducting her registered pension plan contributions of $2,200
     2. $4,500 net rental loss
     3. $12,500 interest income
     4. $5,600 spousal support received

Which of the following is the correct amount of earned income for Suki for the previous taxation? year?

$71,100

$81,400

$85,800

$73,300

 

118. Justin Dowling would like to know his maximum RRSP deduction in the current year. The Federal?government's annual RRSP limit for the current year is set at $26,500. Justin provides you with the following information.
     1. Unused RRSP Deduction Room at December 31 of the prior? year: $8,000
     2. Prior year earned? income: $78,000
     3. Current year earned? income: $85,000
     4. RRSP contribution made to his own? self-administered RRSP plan during the current? year: $11,700
     5. RRSP contribution made to a spousal plan? (TD Bank) on February 1 of the following? year: $4,800
     6. RRSP contribution made to his own plan? (TD Bank) on March 15 of the following? year: $5,900

What is Justin Dowling's maximum RRSP deduction for the current? year?

$22,040

$16,500

$23,300

$26,500

 

119. With respect to RRSP? contributions, which of the following statements is? correct?

 

120. Five years? ago, Joel Jones commenced making contributions to a spousal RRSP plan for his? wife,

Jasmine. Joel has made a $4,000 contribution to the spousal RRSP plan on June 1 for the past five? years, including the current year. In the current? year, Joel and Jasmine needed cash for home renovations and Jasmine redeemed $14,500 from her spousal RRSP plan. Which of the following statements is correct in regard to the taxation of the $14,500 in the current? year?

121. Contributions to RESPs are? ________ and earnings on invested amounts are? ________ when withdrawn.

 

122. RESPs and RDSPs can be used to? ________.

 

123. Which of the following is incorrect with respect to the transfer of a retiring allowance to an? RRSP?

 

 

124. Jagdish Patel would like to know how much of his unused RRSP deduction room will carry forward to the next taxation year. Assume the federal? government's annual RRSP limit for the current year is set at? $26,000. Jagdish provides you with the? following information:
     1. Unused RRSP Deduction Room at December 31 of the prior? year = $250
     2. Prior year Earned? Income = $82,500
     3. Current year Earned? Income = $95,750
     4. RRSP contribution made to his? own self-administered RRSP plan during the current? year = $12,430
     5. Jagdish does not have an employer provided pension? plan, so his pension adjustment in the prior year and current year is zero.

Jagdish takes the maximum RRSP deduction on his current? year's tax return. What is Jagdish? Patel's unused RRSP deduction room at the end of the current taxation? year?

$5055

$2670

$250

$13,820

 

125. Which statement BEST describes the difference between a Defined Benefit Plan and a Money Purchase Plan? (a.k.a. Defined Contribution? Plan)?

 

126. With regard to pension? adjustments, which of the following statements is NOT? correct?

 

127. At the beginning of the current? year, Mary Woo had zero unused RRSP deduction limit and no undeducted contributions. During the current? year, Mary's RRSP deduction limit increased by? $6,000 and on December 15 Mary contributed? $7,000 to her RRSP. Which of the following statements best describes the consequences of? Mary's RRSP? contribution?

 

128. Which of the following statements regarding the Home? Buyers' Plan? (HBP) is NOT? correct?

 

129. Which of the following statements regarding repayments of a withdrawal under the Lifelong Learning Plan? (LLP) is NOT? correct?

 

130. Which of the following statements regarding Registered Retirement Income Funds? (RRIF's) is NOT? correct?

 

131. Vanessa Brown has a RRIF account and turned 70 years old in the current taxation year. Vanessa informs you that the fair market value of her RRIF assets at the beginning of the current taxation year is? $475,000. Vanessa is a widower and does not have a? common-law partner. What is? Vanessa's minimum RRIF withdrawal for the current taxation? year?

$23,750

$95,000

$25,000

$25,080

 

132. Which statement BEST describes a Deferred Profit Sharing Plan? (DPSP)?

 

133. Ronald Wilson retired in December after providing 36 years of service to his employer. In recognition of his years of? service, Ronald's employer provides him with a retiring allowance of? $125,000. Ronald would like his employer to directly transfer the maximum eligible amount of his retiring allowance to his RRSP account. Ronald provides you with the? following information related to his years of? service:
     1. Number of years Ronald was employed by his employer prior to? 1996: 14
     2. Number of years Ronald was employed by his employer prior to? 1989: 7
     3. Ronald's employer has never sponsored an RPP or DPSP.

What is the maximum contribution that can be made to? Ronald's RRSP? (without eroding his RRSP deduction? room) for the retiring? allowance?

$24,500

$31,500

$38,500

$125,000

 

134. Unused net capital losses generated in a tax year can be carried back? ________ and carried forward? ________.

 

135. With respect to the? non-capital loss carry forwards and carry? backs, ________.

 

136. With regard to the ITA 110.2 lump sum payments? deduction, ________.

 

137. Jeremy donates $600 of cash to a registered charity for the year. Disregarding any limitations and assuming that Jeremy is not subject to the? 33% federal tax? rate, how will this affect Jeremy?'s tax situation for the? year?

 

138. Alternative Minimum Tax? (AMT) applies? ________.

 

139. Which of the following statements related to loss carry overs is? correct?

 

140. Which of the following statements BEST describes an important tax planning opportunity with regard to loss carry? overs?

 

141. Regarding Listed Personal Property? (LPP) losses, which of the following statements is? correct?

 

142. Unused non capital losses generated in a tax year can be carried back? ________ and carried forward? ________.

 

143. During the current taxation? year, Barb earned net property income of? $46,287, as well as taxable capital gain of? $12,750. Barb also incurs a net business loss of? $83,675 in the current year.? Barb's only carry over balance is a net capital loss carryover of? $6,500. What is the? non-capital loss carry over balance for Barb under these? assumptions?

$83,675

$31,138

$0

$24,602

 

144. With regard to net capital losses at? death, _______________.

 

145. Which of the following is NOT a component of the definition of a small business corporation as per ITA? 248(1)?

 

146. An allowable business investment loss? (ABIL) is? _____________

 

147. a special type of capital loss that can be deducted from any source of income

 

148. The Lifetime Capital Gains Deduction? _____________.

 

 

149. With regard to the definition of shares of a qualified small business? corporation, which of the following statements is NOT? true?
      

 

150. Which of the following is NOT one of the limitations in determining the amount of the lifetime capital gains deduction that can be deducted in a taxation? year?
      

 

151. During the current taxation? year, Ernie Fisher earned the following sources of? income:

Net employment? income: $42,600

152. Net business? income: $11,750

Net farm? income: $2,800

Taxable capital? gains: $9,600

Ernie also has the following loss carry forward balances available at the beginning of the current taxation?year:

Restricted farm? losses: $4,900

Non-capital losses:? $15,420

Net capital losses? [(1/2)($21,000)]: $10,500

Which of the following correctly lists? Ernie's net income for tax purposes and minimum taxable income for the current taxation? year?

$61,950; $38,930

$61,950; $38,030

$66,750; $36,830

$66,750; $38,930

 

 

 

153. The Tax on Split Income? (TOSI) _____________.

 

 

 

 

 

 

 

 

154. Which of the following statements BEST describes the transfer of dividends to a spouse or? common-law partner?

 

 

 

 

 

 

 

155. Which of the following is NOT considered a charitable donation as per ITA? 118.1?