1. Which of the following statements is NOT correct?

A. If an individual has business income during the year, the due date for their income tax return is June 15 of the following year.

B. An income tax return may be required of an individual, without regard to their age.

C. If an individual has no Taxable Income for the year, they do not have to file an income tax return.

D. If an individual sells a capital property during the year, they are required to file an income tax return, even if the is no gain or loss.

2. With respect to self-administered Registered Retirement Savings Plans, which of the following is NOT a qualified investment?

A. Shares in a publicly traded company.

B. A mortgage on the principal residence of the plan beneficiary.

C. Direct investments in rental properties.

D. A five-year guaranteed investment certificate.

3. Which of the following is NOT a possible advantage of incorporating a business?

A. The ability to defer taxes on income left in the business.

B. The ability to absorb business losses against employment income.

C. Limiting personal liability to the amount paid for shares.

D. The ability to use the lifetime capital gains deduction.