1) Which one of the following items is Not Fully Deductible in computing the income of a corporation under Division B of the Act?

a) The premium on a $100,000 Group term life insurance policy on an employee if the beneficiary of the policy is the employee’s family

b ) Parking ticket received while the company’s delivery van was making a delivery on behalf of the company

c) Advertising in a U.S. magizine which the advertising is exclusive made to attract only American citizens as clients

d) Life insurance paid on the President of the company as a result of the bank requiring collateral security on a bank loan. The bank loan was fully paid off half way through the corporation regular year end.

2) or HST purposes input tax credits are available to registrants for GST/HST paid on goods and services that are purchased for use in commercial activity greater than 90 percent or more. All of the following are restricted except for?

a) Meals and Entertainment which are restricted to 50% if used for business purposes

b) Club membership dues

c) Personal or living expenses

d) rental income received on rental property which is used for commercial purposes