1. With regards to the taxation year, which of the following situations is correct? (Canada)

Multiple Choice

• An individual taxpayer's taxation year ends on April 30^th.

• Taxation year ends must be considered for tax planning purposes within business structures.

• Corporations must use December 31^st as the taxation year end.

• A corporation's taxation year is its fiscal period not exceeding 52 weeks.

2.

Section 3(a) of the Income Tax Act includes which of the following? (Canada)

Multiple Choice

• Income from: business, other items, and capital transactions.

• Income from: employment, property, business, and other items.

• Income from: employment, property, business, and capital transactions.

• Income from: employment, property, and capital transactions.

3.

Regarding taxation years, which of the following statements is TRUE? (Canada)

Multiple Choice

• The taxation year for an individual taxpayer typically ends on April 30^th.

• Corporate taxpayers must use the calendar year as their taxation year.

• A corporation may have a taxation year less than twelve months during a year the corporation is formed, dissolved, or is granted a change in its year-end.

• Individual taxpayers may choose any twelve-month period as their taxation year.