On what information return (T-slip) is the amount withdrawn from an individual's RRSP account reported?

Question 1 options:

a)	T4RSP slip

b)

T4 slip

c)

T5 slip

d)

T4A slip

Question 2 (2 points)

Bob has significant of taxable gain in 2021 that he is planning to include on his total income. He would like to sell his 20,000 shares of a public company that is currently at a loss. How much is the allowable capital loss if he purchased the 20,000 shares at $3 per share and wants to sell at $1 per share?

Question 2 options:

a)

$40,000

b)

$60,000

c)

$25,000

d)

$20,000

Question 3 (1 point)

The following relates to different types of registered plans:

1. Registered Retirement Income Fund
2. Tax-Free Savings Account
3. Registered Education Savings Plan
4. Registered Retirement Savings Plan

What plan permits the amount contributed to be deducted from the individual's total income in the year contribution is made or carry forward if unused?

Question 3 options:

a)	i, ii and iii

b)	ii, iii and iv

c)

iv only

d)	None of the above

Question 4 (1 point)

The basis for the calculation of earned income used in the computation of child care expenses are exactly the same basis for the earned income used in the computation of RRSP contribution limit.

Question 4 options:

	True
	False

Question 5 (1 point)

Mr. X has a house in the city that qualifies as his principal residence from 2010 to 2020. If Mr. X bought the house for $310,000 in 2010 and sold it for $400,000 in 2020. What is the calculated capital gain that Mr. X will include on his tax return in 2020 after making an election to designate the house as principal residence for the full 11 years?

Question 5 options:

a)

$22,500

b)

$90,000

c)

$Nil

d)

$45,000

Question 6 (1 point)

All of the following situations will arise to actual disposition except ______________.

Question 6 options:

a)	Purchase of debt or shares

b)	Sale of asset or property

c)	Redemption of shares

d)	Cancellation of debt securities

Question 7 (1 point)

All withdrawals from RRSPs are included in income in the year of withdrawal unless withdrawn under HBP or LLP, or transferred to RRIF.

Question 7 options:

	True
	False

Question 8 (1 point)

All of the listed expenses paid by an individual can be included in the moving expense except one. Which one?

Question 8 options:

a)	Storage cost

b)	Travel cost for the individual and family

c)	Forgiveness of employee debt

d)	Cost of meals and lodging

Question 9 (1 point)

Individuals that receive certain types of pension income under the registered pension plan (RRSPs, RRIFs) or social assistance benefits (OAS, CPP) are NOTrequired to include the income on their net income for tax purposes.

Question 9 options:

	True
	False

Question 10 (1 point)

Under Home Buyers' Plan, individuals are not permitted to deduct RRSP contributions that are made and immediately withdrawn within ____ days.

Question 10 options:

a)	Calendar year end

b)

90 days

c)

120 days

d)

Month end

Question 11 (2 points)

What are the two major treatments of a superficial loss on a sale and repurchase of identical properties by an individual?

Question 11 options:

a)	Loss deducted and same loss added to income

b)	Loss disallowed and same loss added to ACB of substituted property

c)	Loss decreased in the year and same loss disallowed in the future year

d)	Loss changed to gain and same loss is adjusted to cost of sold property

Question 12 (1 point)

Child care expenses are generally deductible by the spouse with higher income in a two parents household.

Question 12 options:

	True
	False

Question 13 (1 point)

One-half of capital gain is treated as taxable capital gain and one-half of capital loss is deductible as allowable capital loss.

Question 13 options:

	True
	False

Question 14 (2 points)

Moving expenses can be deducted only to the limit of the ---------- income or ---------------- from the new work or education institution location, respectively, in the year of move or carry forward into subsequent years.

Question 14 options:

a)	Investment income or employment income

b)	Employment income or investment income

c)	Employment income or research grants

d)	Research grant or investment income

Question 15 (1 point)

The following relates to different types of registered plans:

1. Registered Retirement Income Fund
2. Tax-Free Savings Account
3. Registered Education Savings Plan
4. Registered Retirement Savings Plan

What type of plan will be made by a contributor for the beneficiary of the plan to enroll in a post-secondary program

Question 15 options:

a)	i and ii only

b)

iii only

c)	ii and iv only

d)	All of the above

Question 16 (2 points)

Mr. Z purchased 100 units of a private company's shares for $450 in 2020. If he sold the 100 units for $600 in 2021. What is the capital gain or loss on his disposition in 2021?

Question 16 options:

a)

$150 gain

b)

$75 gain

c)

$450 loss

d)

$150 loss