Individuals are required to pay instalments:

a.

When net tax owing is over $3,000 for any one of the past two years.

b.

When net tax owing is over $3,000 for the current year and one of the two prior years.

c.

When net tax owing is over $3,000 for the current year and both of the two prior years.

d.

When net tax owing is over $3,000 for the current year only.

Which of the following is NOT a taxable benefit?

a.

A gift card to an employee from the employer. All the employees received a cash bonus of $250.

b.

Payment of the tuition for an employee completing a general interest degree on a part-time basis.

c.

Low rent housing provided by the employer.

d.

A 30 percent discount on the employers merchandise, available to all employees. The employers mark-up is 60 percent.

A superficial loss occurs when, in the 30 days following the disposition that resulted in the loss, an identical asset is acquired.

a.

False

b.

True

Ms. Marston has net tax owing for 2017 of $4,500, net tax owing for 2018 of $8,000, and estimated net tax owing for 2019 of $7,500. If she wishes to pay the minimum total amount of instalments for the 2019 taxation year, her first payment on March 15 will be for what amount?

a.

Nil.

b.

$1,125.

c.

$2,000.

d.

$1,875.

With respect to the residency of an individual, which of the following statements is NOT correct?

a.

An individual is considered to be a Canadian resident for tax purposes if he visits for more than 183 days in a calendar year.

b.

An individual is a Canadian resident for tax purposes if his principal residential ties are in Canada.

c.

To be a resident for tax purposes, an individual must be a Canadian citizen.

d.

If an individual leaves or enters Canada during the current year, he will be considered a part-year resident for tax purposes.