Question 1 Jerome is recently divorced and has two children that live with his ex-wife. What deductions should Jerome claim on his tax return?

Select one: a. Caregiver deduction b. Child support payments c. Spousal support payments d. Child care expenses

Question 2 Which of the following incomes are taxed at a lower rate?

Select one: a. Dividends b. Rent received c. Interest income d. Award proceeds

Question 3 As people grow older, into their fifties, they Select one: a. sell assets to raise cash. b. are no longer candidates for promotions. c. relax their careers and earn less. d. tend to spend more money on vacations.

Question 4 Why is excess cash flow important in financial planning? Select one: a. It enables you to buy luxury items b. It eliminates financial stress c. It can enable you to reach long term goals d. It works as an emergency fund for unexpected expenses

Question 5 Which of the following income is not taxable income? Select one: a. Tips received b. Interest income c. Insurance benefits d. Dividends

Question 6 You have to file a personal tax return by April 30 each year only if Canada Revenue Agency sent you a request to file. Select one: True False