1. List 4 different sources of revenue by the Federal Government?
2. Mark has Taxable income for the current year of $325,000 of which $150,000 was spent on goods and services at the rate of 13%. His wife Sarah had taxable income in the amount of $67,000 of which she spent $23,000 on goods and services. Determine the effective sales tax for Mark and Sarah
3. For individuals with dual residency what factors does CRA take into consideration for certain tie breaker rules?
4. Determine Net income for tax purposes based on the below criteria and any carry forward amounts?

T4 Income $50,000

Business Loss $15,000

Taxable Capital Gains $4,000

Allowable Capital Losses $10,000

Rental Income $12,000

1. Determine Net income for tax purposes based on the below criteria and any carry forward amounts?

T4 Income $65,000

Business Loss $90,000

Taxable Capital Gains $10,000

Allowable Capital Losses $6,000

Rental Income $12,000

1. What are the main objectives of tax planning?
2. What is the difference between NETFILE and EFILE?
3. Steve works for a company and is on payroll. When does he have to file his taxes?
4. Steve now has decided to become a sole proprietor and will sub contract for his former employer. When does he not have to file his taxes and make sure his taxes are paid by?
5. On Dec 20 2023 Steve passed away. When does his estate have to file his last tax return?
6. Michael has an unincorporated business and the accountant who he relied on has retired. He now has to determine how much his tax installment payments should be.

Based on his conversations with the CRA he has 3 different ways to calculate the installment payment. Determine the 3 amounts below based on the following criteria.

Estimated Taxes 2023 - $25,000

Actual 2022 Taxes - $23,500

Actual 2021 Taxes $20,000

1. After many good years of success for Michael had to expand his company and is now publicly traded. Based on the below information how much would his tax installments be if he chose the one with the lowest installment amount?

Estimated Taxes 2026 - $255,000

Actual 2025 Taxes - $195,000

Actual 2024 Taxes $205,000