Which of the following types of taxes are NOT currently in use by the federal government of Canada?

Excise taxes.

Custom duties.

Inheritance tax.

Transfer tax.

Which of the following types of tax provide the largest component of federal government revenue?

Personal income tax.

corporate income tax.

GST$/$HST$.$

Employment insurance premiums.

With respect to provincial or territorial income tax, other than Quebec, which of the following statements is NOT correct?

Each province or territory can apply different rates to as many brackets for individuals as it wishes.

The federal government collects the provincial and territorial income tax for individuals with the exception of Quebec.

Each province or territorial can establish its own personal tax credits to apply against provincial or territorial income tax payable for individuals.

Each province or territorial can establish rules for determining the taxable income of individuals.

Which of the following groups are all subject to income tax?

Individuals, proprietorship, and corporations.

Proprietorship, corporations, and trust.

Individuals, trusts, and corporations.

Individuals, partnerships, and corporations.

Which of the following statements accurately describes a regressive tax?

A tax which results in higher effective tax rates for higher income taxpayers.

A tax which results in lower effective tax rates for higher income taxpayers.

A tax in which the same effective rate applies to all levels of income.

A tax that is shifted to consumers through price increases on the goods purchased.

Which of the following can be considered an advantage of an income tax system based on progression rates?

A progressive rate system is simpler to administer.

A progressive rate system provides greater stability in the context of changing economic conditions.

A progressive system discourages tax evasion.

A progressive system encourages greater effort on the part of individuals.