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Centennial College - ACCT TAXATION Question1)Minnie Belanger is retired

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Centennial College - ACCT TAXATION

Question1)Minnie Belanger is retired. She filed her 2017 tax return on March 5, 2018. She received a portion of the tax refund claimed and an assessment notice, dated April 19, 2018, which set out the difference between the amount claimed and the amount of the refund. As Minnie disagrees with the notice of assessment, she wishes to file a notice of objection. What is the latest date she has to file a notice of objection?

 

 

	Date for filing tax returns March,5 2016 Tax refund claim April 19,2016. Duration to file objection is 90 days

Question 2

 

	Which of the following scenarios will result in a penalty being charged by the CRA?

Question 3

 

	With respect to the filing of an individual income tax return, which of the following statements is correct?

Question 4

 

	Mr. Finlay, a retired individual whose only source of income was pension receipts, dies on August 15, 2017. By what date must Mr. Finlay’s final tax return be filed? If a person dies, then the last date for filing a return in that case is the last date of the following month of the end of that financial year in which the person died.

Question 5

 

 

	Which of the following items does not result in tax avoidance?

Question 6

 

	ITA 3(b) requires the taxpayer to “determine the amount, if any, by which taxable capital gains exceed allowable capital losses”. The rule that is established by this phrase is:

Question 7

 

 

	Of the following statements related to liability for Canadian income tax, which statement is NOT correct?

Question 8

 

	Which of the following goals is NOT a current economic policy objective of the Canadian tax system?

Question 9

 

	Which of the following statements is NOT correct?

Question 10

 

	Which of the following amounts is NOT deducted in converting Net Income for Tax Purposes to Taxable Income?

Question 11

 

	Which of the following forms of taxation provides the largest component of federal government taxation revenues?

 

 

 

 

 

12. With respect to the filing of an individual income tax return, which of the following statements is correct?

A. An individual is required to file an income tax return if their only source of income is business income,even if no tax is payable.

B.An individual is required to file an income tax return if they have reached the age of 18 by the end ofthe year.

C.If an individual has disposed of a capital property during the year, they are required to file an income taxreturn, even if no tax is payable.

D.An individual is not required to file an income tax return if no tax is payable for the year

 

13.For the 2015 taxation year, John Bookman had a taxable capital gain of $45,000 and a net business loss of$45,000, resulting in a Taxable Income of nil. Which of the following statements is correct?

A.John is not required to file a tax return for 2015.B.John must file a tax return on or before June 15, 2016.C.John must file a tax return on or before December 31, 2016.D.John must file a tax return on or before April 30, 2016.

14.John Barron is self-employed and plans to file his 2015 tax return on June 15, 2016. His balance-due day is:

A.April 30, 2015.B.April 30, 2016.C.June 15, 2016.D.June 15, 2015.

15.Bunly Im is a self-employed hairdresser. Which of the following dates are correct for the date by which his taxreturn for a year must be filed (1st item) and his payment due date (2nd item)?

A.April 30, April 30.B.June 15, April 30.C.April 30, June 15.D.June 15, June 15.

16.Ms. Deveco’s 2015 income tax return is due on April 30, 2016. While she is too busy to file her tax return onthat date, she remits a cheque to the government for $10,000, her estimated amount of net tax owing on thatdate. She has never filed a late return before. She prepares and files her tax return on May 31, 2016. At thistime, the return shows that her actual net tax owing was $9,800. Assuming that the interest rate applicable tolate payment of taxes is one-half percent per month without daily compounding, how much will she owe inpenalties and interest on the late filing?A.$ 49.B.$490.C.$588.D.$637.E.Nil.

17.Mr. Finlay, a retired individual whose only source of income was pension receipts, dies on August 15, 2015. Bywhat date must Mr. Finlay’s final tax return be filed?

A.April 30, 2016.B.February 28, 2016.C.February 15, 2016.

 

 

18Ms. Ali, a self-employed music teacher with business income, dies on November 15, 2015. What is the latestfiling date for her 2015 income tax return?

A.April 30, 2016.B.May 15, 2016.C.May 30, 2016.D.June 15, 2016.

19.Mr. Khan, a self-employed construction contractor, dies on April 1, 2015. What is the latest filing date for hisfinal tax return?

A.April 30, 2016.B.June 15, 2016.C.October 1, 2016.D.December 31, 2016.

20.Ms. Loren dies on February 1, 2016. All of her income is from employment activities and she does not have aspouse or common-law partner. What is the latest date for filing her 2015 income tax return?

A.April 30, 2016.B.June 15, 2016.C.August 1, 2016.D.June 30, 2016.

21. Greta died on September 10, 2015. She has never reported any business income. By what date must her finaltax return be filed?

A.April 30, 2016.B.April 30, 2017.C.March 10, 2016.D.June 15, 2016.Individual Instalments