Question 1(1 point)

The federal political contributions tax credit is deductible in computing Taxable Income, but cannot create a taxable loss.

True or False

Question 2(1 point)

If a Taxpayer is unable to use the age, disability, or pension credits, the tax credits can be transferred to a common-law partner.

True or False

Question 3

Select the best definition for the term.

Disability Tax Credit, Eligible Dependent, Non-Refundable Tax Credit, Canada Caregiver Tax Credit, Tuition Tax Credit, Old Age Security Clawback, Old Age Security

• A taxing back, or reduction, in the payment of Old Age Security benefits.
• A credit against tax payable that is available to an individual who provides care and /or support for certain specified dependents who have a mental or physical infirmity
• A monthly payment to qualifying residents of Canada who are 65 years of age or older.
• A tax credit that can only be used against the tax payable of an individual.The tax credit will not be refunded to individuals without sufficient tax payable to make use of it.
• A credit against tax payable that is available to individuals with a doctor certified severe mental or physical disability.
• A credit against tax payable that is available to individuals making qualifying tuition payments
• A credit against taxes payable that is available to a single individual supporting a dependent in a self-contained domestic establishment.

Course- Canadian Taxation