1. An advantage of incorporation is the ability to use business losses against an individual's other sources of income. True or False?

2. If there is a conflict between the Canadian Income Tax Act and the Canada/U.S. tax treaty, the provisions of the treaty must be used. True or False?

3.Those provinces that participate in the Harmonized Sales Tax program do not have a provincial sales tax. True or False?

4. In terms of tax planning, the use of Registered Retirement Savings Plans can provide for both tax deferral and tax avoidance. True or False?

5. Because the taxation year of an individual must be based on the calendar year, all individuals will have the same filing due date. True or False?