An individual had employment income in 2021 of $50,000. They had loss carry forward balances as follows: net capital losses (NCL) ($20,000); non-capital losses (NonCL) ($22,000); and farm losses from full-time farming (FL) ($24,000). What would be the maximum amount of losses carry forward they would claim in 2021?

Multiple Choice

• $20,000

• $46,000

• $50,000

• $66,000

In the case of an unmarried person, which of their relatives would be eligible for the equivalent to spouse tax credit?

Multiple Choice

• Dependent child over the age of 18 at any time in the year who lived with the parent.

• The 85-year-old, disabled uncle living with the person.

• Dependent child over the age of 18 at any time in the year and dependent by reason of physical or mental infirmity who lived with the parent.

• Dependent child over the age of 18 at any time in the year who lived in their own apartment.

On death, net capital losses would be deductible against any other source of income in the year of death and/or the preceding year.

True or False