TRUE OR FALSE:

$1.$ Contributions to RRSPs within the prescribed limits generally cause an income inclusion.

$2.$ The annual maximum child care amount for a $14$ year old child who is not infirm is $$11,000.$

$3.$ If you contribute $$1,000$ more than your RRSP deduction limit in a given year, you will be charged a penalty.

$4.$ In a defined contribution plan, the employee takes on more risk than the employer $($in terms of the final benefit amount$).$

$5.$ The definition of earned income for RRSP purposes is different than the child care deduction earned income definition.

$6.$ A superficial loss occurs when a taxpayer disposes of a property and within the period of $90$ days before the disposition or $90$ days after the disposition, the taxpayer or their spouse acquires the same property.

Question $31$ options:

True

False

$7.$ An Allowable Business Investment Loss is $75\%$ of a Business Investment Loss.

Question $34$ options:

True

False