$6.$ With respect to loans to employees, which of the following statements are correct?

$($a$).$ if the rate on the loan is less than the market rate for similar types of debt, the employee will have a taxable benefit equal to the difference.

$($b$)$ If the proceeds from the loan are used to purchase investments, the imputed interest on the loans will be deductible in determining the employee$$s income from those investments.

$($c$)$ When the loan is to assist an employee with a home purchase, the taxable benefit must always be calculated using each quarterly value for the prescribed rate.

$($d$)$ The taxable benefit on an employee loan will not be altered by the amount of interest payments of the employee makes to the employer.

$7.$ Individuals are required to payment installments:

$($a$)$ When net tax owing is over $$3,000$ for any one of the past two years.

$($b$)$ When net owing is over $$3,000$ for the current year and both of the two prior years.

$($c$)$ When net tax owing is over $$3,000$ for the current year and one of the prior two years.

$($d$)$ When net tax owing is over $$3,000$ for the current year only.

$8.$ Which of the following forms of taxation provides the largest component of federal government taxation revenues?

$($a$)$ Personal Income tax

$($b$)$ Corporate income tax

$($c$)$ GST

$($d$)$ Employment insurance premiums

$9.$ Which of the following groups of entities are all subject to income tax?

$($a$)$ Individuals, proprietorships, and corporations

$($b$)$ Proprietorships, corporations, and trust.

$($c$)$ Individuals, trust and corporations

$($d$)$ Individuals, partnerships, and corporations

$10.$ Which of the following statements with respect to Canadian Tax policy is not correct?

$($a$)$ The economic burden of a particular tax may not fall on the same group that has the legal liability to pay the tax.

$($b$)$ Extremely high rates of tax will always encourage individuals to work harder so that they will have more after$-$tax income.

$($c$)$ The inability to harmonize the GST in some provinces has increased the complexity of tax compliance.

$($d$)$ A progressive tax system is unfair to individuals with incomes that fluctuate significantly from year to year.

$11.$ Which of the following scenarios will result in a penalty being charged by CRA?

$($a$)$ A taxpayer less than the required amount of installments.

$($b$)$ A taxpayer who is woed a refund files their tax return late.

$($C$)$ A taxpayer who has a balance owing files their tax return late, with the payment enclosed.

$($d$)$ A taxpayer who has a balance owing files their tax return on time, but does not include a payment.

$12.$ Which of the following statements is correct?

$($a$)$ Net income minus federal tax credits equals taxable income.

$($b$)$ Taxable income minus federal tax credits equals to federal income tax.

$($c$)$ Total federal income tax minus federal tax credits equals federal income tax payable.

$($d$)$ Net income minus federal tax credits equals federal tax payable.

$13.$ Which of the following statements with respect to an individual$$s income tax payable is not correct?

$($a$)$ Provincial income tax payable is calculated by applying the appropriate rate to taxable income.

$($b$)$ The relevant provincial income tax rate is based on the province in which the individual resides on December $31$ of the year.

$($c$)$ Only federal income taxes apply with respect to individuals who are residents of Canada but who are not a resident in any province or territory.

$($d$)$ All provinces and territories use the same income tax brackets.

$14.$ In $2022,$ Adam Luke has net income and taxable income of $$230,000.$ During the year, Adam makes a cash gift to a registered charity of $$75,000.$ What is his maximum charitable donations tax credit for $2022?$

$($a$)$ $$21,722$

$($b$)$ $$24,714$

$($c$)$ $$22,053$

$($d$)$ $$24,742$

$15.$ Of the following statements about tax credits, which one is correct?

$($a$)$ They are deducted from net income and as a result are not subject to income tax.

$($b$)$ They reduce income tax by the same amount regardless of a taxpayer$$s marginal income tax rate.

$($C$)$ They are deducted from taxable income and as a result are not subject to income tax.

$($d$)$ their impact is greater for taxpayers with a marginal tax rate in excess of $15\%.$