As a rule of thumb, what assets should be used FIRST during retirement so as to minimize the tax liability for spouses/common-law partners?

a) non-registered assets of the higher income spouse or common-law partner

b) non-registered assets of the lower income spouse or common-law partner

c) registered assets of the higher income spouse or common-law partner

d) registered assets of the lower income spouse or common-law partner

Caress of Steel Inc. is a Canadian-controlled private corporation. Last year, it had after-tax income resulting from active business activities of $660,000. It paid out $300,000 to its shareholders in dividends and invested the remainder in a portfolio of investments. This year, Caress of Steel had taxable active business income of $1,200,000. As a result of its new portfolio investments, it received dividends from other taxable Canadian corporations in the amount of $20,000. Caress of Steel decided not to pay any dividends to its shareholders. Which statement is FALSE?

a) Caress of Steel can claim the small business deduction on a portion of its active business income.

b) Caress of Steel does not have to pay Part I tax on the dividend income of $20,000.

c) Caress of Steel will have to pay Part IV tax of 33 1/3% on the dividend income of $20,000.

d) The balance in Caress of Steel's RDTOH account will increase by $5,333 as a result of the dividends that it received

Under what scenario could taxes AND probate fees be avoided (assume all individuals reside in jurisdictions where probate applies)?

a) Charlie purchases a cottage with his 16-year old daughter Cindy. The property is registered to Charlie and Cindy as joint tenants with rights of survivorship.

b) Ricardo forgot to name a beneficiary on his life insurance contract. However, in his will, Ricardo indicates that the proceeds of insurance are to flow to his business partner, Hugo.

c) Tori designates her sister Carla, aged 44, as the beneficiary of her registered life annuity.

d) Amanda immediately transfers her qualified farm property to her 33-year old daughter Kelly.

Lauren is a 58-year old widow. She is concerned about the welfare of her mentally disabled son, Gavin, when she eventually dies. Lauren's daughter Felicity has indicated that she would be willing to take over care of Gavin at that point. While Lauren is comforted by this, she wants to ensure that the management of her assets once she dies is not left entirely to Felicity's discretion. How should Lauren set up her estate?

a) Through her will, Lauren should establish a testamentary trust naming Gavin as the beneficiary and Felicity as the trustee.

b) Lauren should make Felicity the direct beneficiary of her estate in her will.

c) Lauren should establish an inter vivos trust naming Gavin as the income and capital beneficiary and Felicity as the trustee.

d) Lauren should transfer her assets to Felicity and Gavin immediately.

Before his death earlier this year, Adam worked as a commissioned salesperson. At the time of his death, his company owed him commissions of $4,500 that he earned but, had not received. Adam also owned common shares in a Canadian bank that had declared dividends but, had yet to pay them out. Adam's executor, Henry, is considering filing an optional rights or things tax return for Adam. What statement is true?

a) An optional return for rights or things is only available to salaried individuals.

b) Henry must file a return for rights or things by the later of: i) one year following Adam's death and ii) 90 days after the Canada Revenue Agency mails a Notice of Assessment.

c) Henry can include the unpaid dividends on the rights or things return but, he cannot include the unpaid commission income.

d) Henry can split Adam's rights or things between his final return and his rights or things return.

Sharon and Ward have been divorced for three years. By court order, Ward must pay Sharon child support in the amount of $639 per month for their two children plus, spousal support of $400 per month. If Ward has made all of the required payments for the year, what statement regarding the tax implications of this arrangement is true?

a) Sharon must include $12,468 as part of her total income.

b) Sharon must include $7,668 as part of her total income.

c) Ward can deduct $7,668 from his total income.

d) Ward can deduct $4,800 from his total income.

Lab Section Lab Partners) Gauss's Law Investigation #2: Charge Distributions on Conductors Introduction In Investigation #1, you discovered that the flux thru a closed surface (i.c., a Gaussian surface) is proportional to the charged enclosed by that surface: Flux thru Gaussian Surface & Charge enclosed by surface This relationship is known as Gauss's Law. In this investigation, you will use Gauss's Law to determine where charge is located on conducting objects of various shapes. Question 1 What is the electric field inside of the conducting material of any conductor? Question 2 Based on your answer to question 1, how many electric field lines are located inside of the conducting material of any conductor? The diagram at right shows a solid metal ball that bears an excess positive charge. When you studied electrostatics, you may have used reasoning about how charges attract and repel one another to determine where these charges lie on the metal ball. For now, however, it is important that you put this knowledge aside. The ultimate goal of this investigation is to help you learn how to apply Gauss's Law. Determining the locations of the excess charges on a conductor is just a bonus. Inside of the ball is a closed dotted path that represents a Gaussian surface. Remember that a Gaussian surface is a mathematical construct, not a real, physical object. Notice that the Gaussian surface is contained completely within the metallic material of the metal ball. Recall that the electric flux thru a closed surface is related to the number of field lines that pass thru that surface. Flux is positive if the field lines pass from inside to outside and is negative if the field lines pass from outside to inside. Question 3 What is the value of the electric flux thru the Gaussian surface shown in the diagram? Explain your reasoning.In a two-class, two-dimensional problem, the following training samples are given: Class w2 : (0,0)', (0,2), (2,0)', (2,2)'} Class (1 : (4,4). (4,6)', (6,4),(6,6)'} Assumeing bivariate normal distribution and equal apriori probabilities, obtain the equation of optimum (Bayesian) discriminant surface for a Symmetric (zero-one) loss function. Sketch the samples and the surface. + Note: 9: (x) = ( P(;)-fulE.1 - - (X-H.) Z. (x-M.Phylogeny: A. Phylogenetic hypotheses allow us to make predictions about characters unlikely to be preserved in the fossil record. B. Cow eyes and octopus eyes are examples of analogous characters. C. Closely related organisms resemble each other more than do distantly related organisms. D. All of the above