1) The maximum CPP Contributory Earnings for this year is $59,200 The maximum CPP annual basic exemption for this year is $3,500 A)True B)False 2) For HST purposes, if you sell Exempt products you cannot collect HST and have the right to claim ITC on purchases related to zero rated revenue A) True B)False 3) In the province of Ontario, this year, with regards to Employee vs Contractor , , which of the following is correct A Contractors, have vacation and severance rights , but must pay CRA Payroll Deductions on each pay cheque Contractors can deduct expenses related to working at a company and do not need tp pay CRA Payroll Deductions on each pay B An employees has vacation and severance rights , but must pay CRA Payroll Deductions on each pay cheque Contractors cannot deduct expenses related to working at a company and do not need tp pay CRA Payroll Deductions on each pay , but has to pay EI on his income tax return C Contractors can deduct expenses related to working at a company and do not need tp pay CRA Payroll Deductions on each pay An employees cannot hire an assistant, but do have vacation and severance rights , and must pay CRA Payroll Deductions on each pay cheque D An employees has vacation and severance rights , but must pay CRA Payroll Deductions on each pay cheque Contractors cannot deduct expenses related to working at a company and do not need tp pay CRA Payroll Deductions on each pay

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 15, 2024

1) The maximum CPP Contributory Earnings for this year is $59,200 The maximum CPP annual basic exemption for this year is $3,500 A)True B)False 2)

1) The maximum CPP Contributory Earnings for this year is $59,200

The maximum CPP annual basic exemption for this year is $3,500

A)True

B)False

2) For HST purposes, if you sell Exempt products you cannot collect HST and have the right to claim ITC on purchases related to zero rated revenue.

A) True

B)False

In the province of Ontario, this year, with regards to "Employee vs Contractor",, which of the following is correct?

	A	Contractors, have vacation and severance rights , but must pay CRA Payroll Deductions on each pay cheque. Contractors can deduct expenses related to working at a company and do not need tp pay CRA Payroll Deductions on each pay.
	B	An employees has vacation and severance rights , but must pay CRA Payroll Deductions on each pay cheque. Contractors cannot deduct expenses related to working at a company and do not need tp pay CRA Payroll Deductions on each pay., but has to pay EI on his income tax return.
	C	Contractors can deduct expenses related to working at a company and do not need tp pay CRA Payroll Deductions on each pay. An employees cannot hire an assistant, but do have vacation and severance rights , and must pay CRA Payroll Deductions on each pay cheque.
	D	An employees has vacation and severance rights , but must pay CRA Payroll Deductions on each pay cheque. Contractors cannot deduct expenses related to working at a company and do not need tp pay CRA Payroll Deductions on each pay.