Financing costs (i.e. costs related to share issuance, bank fees) are not fully deductible in the year incurred. Rather, they are deducted on a straight line basis over 25 years.

True/False

Employer contributions to an employee's RPP are never deductible.

True/False

One major difference between net income for tax purposes and GAAP net income is that for tax purposes, you are not allowed to deduct accounting amortization. Instead, you can deduct Capital Cost Allowance.

True/False

Zero emission vehicles that would otherwise be in class 10 or 10.1 can go in class 54 instead

True/False

For certain class 8 assets, like photocopiers and telephone systems, there is the option to elect to put the asset its own separate class if it costs more than $1,000

True/False

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

True/False

RPP contributions by the employer to the employee's plan is not a taxable benefit to the employee.

True/False