Question b

A corporation is allowed to deduct up to $1,500 of political contributions when calculating business income for tax purposes.

	True
	False

Question h

Expenses of a personal services business allows the deduction of:

	All expenses paid in cash.
	All expenses normally deductible against employment income.
	All expenses normally deductible against business income.
	All expenses allowed by a Canadian corporation.

Question i

Profits (income) from which of the following sources of income would not be taxable?

	Lottery schemes.
	Bookmarking.
	Illegal business.
	Crowdfunding.

Question j

A specified shareholder:

	holds 25% or more of the non-voting shares
	holds less than 25% of the voting shares
	holds 25% or more of the fair market value of the preferred shares
	holds 25% or more of the voting shares