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Which of the following statements is correct? A. Net Property Income = Dividends received plus the gross-up minus the dividend tax credit. B. Net Property

Which of the following statements is correct?

A. Net Property Income = Dividends received plus the gross-up minus the dividend tax credit.
B. Net Property Income = Dividends received minus the gross-up minus the dividend tax credit.
C. Federal Tax Payable = Federal tax on grossed-up dividends minus the dividend tax credit.
D. Federal Tax Payable = The gross up on dividends received minus the dividend tax credit.
The federal dividend tax credit cannot be claimed if you receive:
A. Eligible dividends.
B. Non-eligible dividends.
C. Stock dividends.
D. Capital dividends.

Fergus owns a rental property. Instead of hiring contractors he does all of the property maintenance and repairs himself, keeping careful records. Which one of the following amounts is not a deduction for tax purposes?
A. $700 for shrubs and flowers.
B. $150 for bookkeeping services.
C. $400 for lumber, paint and hardware.
D. $500 for his labour (50 hours @ minimum wage of $10 per hour).

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