Which of the following statements BEST describes an important tax planning opportunity with regard to loss carry overs?

Question 27 options:

	As noncapital loss carry overs have an unlimited carry forward period, only net capital loss carry overs should be used to reduce Taxable Income to zero.
	Loss carry overs should not be used to reduce Taxable Income to zero as this prevents the application of personal tax credits.
	Loss carry overs should be used to reduce Taxable Income to zero so that personal tax credits can be applied to trigger a refund of taxes in the year.
	As personal tax credits have an unlimited carry forward period, loss carryovers should be used to reduce Taxable Income to nil.

If you contribute $1,000 more than your RRSP deduction limit in a given year, you will not be charged a penalty.

Question 28 options:

	True
	False

Net rental income is included in earned income for both RRSP and child care purposes.

Question 29 options:

	True
	False