1) If both spouses have medical expenses, it will usually be to their advantage for one of the spouses to claim the credit on the basis of their combined medical expenses.

Select one:

a. True

b. False

2) There is no limit on the amount of the tuition credit that can be transferred to a spouse.

Select one:

a. True

b. False

3) An individual has a non-capital loss. It can be carried back three years and forward indefinitely.

Select one:

a. True

b. False

4) An individual sells shares in a Canadian controlled private corporation that qualifies as a small business corporation to an arm's length party. The adjusted cost base of the shares is $50,000 and they are sold for $30,000. The $20,000 loss is an Allowable Business Investment Loss.

Select one:

a. True

b. False

5) If a 10-year-old child receives dividends from a private company owned by his mother, it will always be taxed as Split Income.

Select one:

a. True

b. False

Select one:

a. True

b. False