1. Which of the following statements iscorrect? A. If a capital loss is realised on the sale of depreciable property, the loss will be allowed as a deduction for tax purposes to the extent there are capital gains in the year. B. Taxable capital gains for Canadian tax purposes does not include any CCA recapture amounts arising when a depreciable asset is sold. C. A terminal loss is a type of capital loss, the entire amountof which is allowable as a deduction for tax purposes in Canada against taxable capital gains realized during the same taxation year, if any. D. The amount of a capital loss resulting from the sale of a property in 2020 will be equal to $0 if the person does not have any capital gains from other transactions for 2020. E. The inclusion rate for a taxable capital gain has always been one-half of the capital gain. 2. Jennifer is 51 years old and has been living with Allan (48 years old) for over 3 years now and his 20-year old daughter Jessica. Jennifer had net and taxable income of $180,000 for 2020 while Allan had net and taxable income of only $12,000 during the year. Jessica is physically and mentally infirm since birth and received social assistance payments of $18,000 for 2020. Jennifer had the following amounts withheld from her gross salary for 2020: Employment Insurance Premiums $856.00 CanadaPension Plan Contributions $2,898.00 Charitable contributions (Centraide) $1,000.00 Based on the above information, what is the total of Jennifer's maximum federal tax credits that she can use to reduce her federal tax payable for 2020? Assume all required tax forms and elections were properly filed. A. $3,027 B. $3,156 C. $34,368 D. $5,155 E. $5,292 F. $5,396 G. None of the choices shown H. $5,267 3. Sabrina accepted new employment during the year and moved fromBritish ColumbiatoOntario. She sold her old residence at a loss of $35,000 while the new residence cost her an extra $100,000 for a home comparable to her old residence. In addition to paying total moving costs of $25,000 to move toToronto, it was agreed that her employer would not reimburse the extra cost of the new residence but would reimburse up to $35,000 of the loss on the sale of her old residence. Sabrina received an amount of $60,000 on December 31, 2020. Which of the following statements is correct with respect to the amount of $60,000 received by Sabrina? A. None of the amount received is taxable for the employee because the amount received is a reimbursement of specific expenses paid by the employee for the benefit of the employer B. The entire amount of $60,000 received is taxable because all amounts paid by an employer to an employee are taxable and must be included in income of the employee C. Only $30,000 of the $60,000 received would be included in the employee's income for the year, representing half of the amount received D. None of the amount received is taxable for the employee because the employee's relocation was for the employer's benefit and the employee did not gain anything from receiving those payments E. Only $10,000 of the $60,000 received would be included in the employee's income for the year because the reimbursement of moving expenses is not taxable and the loss on the old residence is an eligible housing loss 4. Of the following statements about tax credits, which one is correct? A. They reduce tax payable by a differentamount depending ona taxpayer's level of income and marginal tax rate. B. They are allowed as a deduction in the calculation of Taxable Income of an individual. C. They are not allowed as a deduction in the calculation of Net Income for tax purposes under ITA 3(d). D. Personal tax credits can result in a refund if they exceedgross tax payable for the year. E. None of the above