a. b. C. d. ii. i. Which of the following statements is true of rental income:- There is no terminal loss is allowed for rental income There is no CCA recapture allowed for rental properties Rental properties costing $50,000 or more must be placed in a separate CCA class A taxpayer can increase the rental loss by obtaining a deduction for CCA where he source of the loss is rental property. Which of the following items is not deductible in computing the income of a corporation under Division B of the Income Tax Act? a. Reserve for future decline in valuation of inventory b. Costs of tickets for meals and entertainment at a fundraising event C. Amount paid for landscaping business premises d. Amount paid to an arms length person to make connections for the supply of telephone services. iii. Jack Smith filed his 2020 personal tax return on March 1st, 2021. Neither he nor his spouse had income from the carrying on of a business in 2020. The CRA mailed a Notice of Assessment to Jack dated May 15th. 2021 and Jack received it on May 30th 2021. If Jack disagrees with the Notice of Assessment, he has until which of the following dates to file a Notice of Objection? August 12th, 2021 August 29th .2021 a. b. C. d. April 39th 2022. March 1st 2022 iv. In 2021, Anne's employer provided her with an employer owned automobile costing $33,900(including HST of $3,900) for 12 months. Her kilometres for personal use were 5,000 out of a total of 20,000 kilometres. Operating costs paid by her employer during 2021 were $3503(including HST of $403). Which of the following statements is true for 2021? Anne's minimum operating cost benefit is $1,350 . b. Anne's minimum operating cost benefit id $1,017 C. d. Anne cannot elect to use of is monthly standby charge as her operating cost benefit Anne's minimum standby charge is $8,136. V. X purchased an unlimited life franchise (arm's length transaction) at a cost of $100,000 during 2021. The maximum tax deduction related to the franchise for the taxation year ending December 31, 2021 is: $2,500 b. $3,750 $7,500 d $10,000