A terminal loss can occur when additional assets remain in the class.

Question 31 options:

True

False

The maximum amount of CCA for each class is required to be deducted every year.

Question 32 options:

True

False

When an employee is provided with a company auto that is made available for theemployee's personal use________.

the cost of the auto isnon-deductible to the employer

there is no taxable benefit to the employee

the taxable benefit to the employee is equal to the deductible cost to the employer

the taxable benefit to the employee has to be calculated eachyear, based on the number of days that the auto is made available for theemployee's personal use

The federal tax credit for non eligible dividends is equal to 6/11 of the gross up in 2020.

Question 43 options:

True

False

Which of the following types of interest would generally be deductible:

Question 45 options:

Interest on loans borrowed to buy shares that pay regular dividends

Interest on loans borrowed to invest in an RRSP

Interest on loans borrowed to buy personal property

Interest on loans borrowed to pay late income tax payments