A non-refundable tax credit can be: Question 1 options: Claimed by individuals who have a taxable income Claimed by individuals who have no taxable income Put into a tax shelter until retirement Claimed only when the individual's marginal tax rate has decreased from the previous year. Question 2 (2 points) Which of the following is a true statement about income taxes? Question 2 options: Income is generally attributed to the person who earned it Income tax was introduced as a temporary measure during the Second World War. The income tax burden averages about $2000 for every man, woman, and child in the country. Since the 1950s, the income tax burden of Canadians has steadily decreased. Question 3 (2 points) Tax credits can be transferred Question 3 options: In the same manner that income splitting is used. Into a tax deferment plan. Only within a family. Only between spouses. Question 4 (2 points) Which of the following sources of income should Wanda report on her income tax return? Question 4 options: Employment Insurance benefits. Inheritance from her mother's estate Lottery winnings. Capital gains on from the selling of her primary residence Question 5 (2 points) Josef recently lost his job. He received a good severance and thinks he will be able to find another job within six months. He also will be receiving a refund of $34,861 that he had contributed to the company pension plan. What should he do with the pension plan money to defer the payment of income taxes? Question 5 options: Have it transferred to an RRSP. Put it in a regular savings account at his bank Not report it as income and see if he can avoid paying tax on it. Report is it as income and pay tax on it. Question 6 (2 points) The Canada Revenue Agency may ask for supporting documents other than official receipts (such as cancelled cheques or bank statements), as proof of any deduction or credit you claim. How long sould you keep your records ? Question 6 options: Ten years Eight years Five years Six years Question 7 (2 points) You complete your tax return and discover you owe tax this year. You should wait to send in your return until you have enough money to pay the balance in full. Question 7 options: True False Question 8 (2 points) The purpose of income splitting within a family is to: Question 8 options: Avoid paying tax altogether. Share the tax burden equally Defer the tax payments until the marginal tax rate decreases Shift some of the income from a high earner to a low earner. Question 9 (2 points) Which financial statement reports gross and net income? Question 9 options: Statement of shareholders equity Income statement Balance sheet Statement of cash flows Question 10 (2 points) Gross Annual Value is the amount of Question 10 options: MV = FR = AR None of the above MV or FR or AR which ever is lower MV or FR or AR which ever is highest