Which of the following is NOT a penalty under the Income Tax Act? False statement GAAR Evasion Repeated failure to report Which of the following statements is true regarding the term "Resident(s)" for Canadian income tax purposes? Canadians are liable for Canadian Income tax regardless if they are a resident in Canada Only Individuals can be residents in Canada. Corporations and Trusts cannot be residents. None of the above. The Income Tax Act does not provide a definition of a resident. An employee of a public Canadian corporation receives an option to purchase 1,000 of her employer's common shares at $20 per share in July 2019. At this time, the fair market value of the stock is $19 per share. In March, 2020, when the fair market value is $26 per share, she exercises the option and immediately sells the shares. By what amount do these transactions increase her Taxable income? $3,000 in 2020 $1.000 in 2019 $3,500 in 2020 $6,000 in 2020 Which of the following is NOT a taxable entity for Canadian income tax purposes? Walters and Walters, a group of CPAs operating as a partnership Ms. Sarah Bright, a Canadian resident Maple Leaf Ltd., a Canadian resident corporation The Martin family trust