39. The amounts shown on CRA Installment reminders are best described as Choose the correct answer. A. the maximum installment that an individual can pay to avoid interest B. the minimum installment that an individual can pay to avoid interest C. a payment amount an individual can make to be certain to avoid interest D. the amount an individual must pay to be compliant with installment requirements involves knowingly and willingly ignoring the tax law 40 A. Tax abuse B. Tax planning C. Tax evasion D. Tax avoidance 41. What is the penalty to a tax return preparer who assists clients in engaging in evasive tax practices? Choose the correct answer. $100,000 B. two years in prison C. the greater of $1,000 and the penalty assessed on the tax return preparer's client for evading tax D. 50% of the amount of tax avoided 42. What is the penalty for intentionally disregarding the Income Tax Act and understating tax? Choose the correct answer. A. the greater of $1 00 and 50% of the understated tax B. the lesser of $1,000 and 50% of the understated tax C. 50% of the understated tax D. $200 43. The main purpose of the general anti-avoidance rule (GAAR) is to A. provide legislation that can be used to enforce the concept of tax avoidance. B. provide legislation that can be used to enforce tax evasion. C. provide a definition for the term, "tax avoidance" D.provide legislation that can be used to apply civil penalties on taxpayer's guilty of tax evasion. 39. The amounts shown on CRA Installment reminders are best described as Choose the correct answer. A. the maximum installment that an individual can pay to avoid interest B. the minimum installment that an individual can pay to avoid interest C. a payment amount an individual can make to be certain to avoid interest D. the amount an individual must pay to be compliant with installment requirements involves knowingly and willingly ignoring the tax law 40 A. Tax abuse B. Tax planning C. Tax evasion D. Tax avoidance 41. What is the penalty to a tax return preparer who assists clients in engaging in evasive tax practices? Choose the correct answer. $100,000 B. two years in prison C. the greater of $1,000 and the penalty assessed on the tax return preparer's client for evading tax D. 50% of the amount of tax avoided 42. What is the penalty for intentionally disregarding the Income Tax Act and understating tax? Choose the correct answer. A. the greater of $1 00 and 50% of the understated tax B. the lesser of $1,000 and 50% of the understated tax C. 50% of the understated tax D. $200 43. The main purpose of the general anti-avoidance rule (GAAR) is to A. provide legislation that can be used to enforce the concept of tax avoidance. B. provide legislation that can be used to enforce tax evasion. C. provide a definition for the term, "tax avoidance" D.provide legislation that can be used to apply civil penalties on taxpayer's guilty of tax evasion
