With regard to refundable tax credits, ________.

Question 15 options:

	if the taxpayer does not have tax payable for the year equal to or greater than the credit amount, the excess amount is paid as a refund to the taxpayer
	if the taxpayer does not have tax payable for the year equal to or greater than the credit amount, the excess credit amount is lost
	if the taxpayer does not have tax payable for the year equal to or greater than the credit amount, the entire amount of the credit is carried forward to a future taxable year
	if the taxpayer does not have tax payable for the year equal to or greater than the credit amount, the excess credit amount is carried forward

3.Rhonda has her own law practice in London, Ontario. During 2020 she paid $3000 to attend four conventions. Each convention cost a quarter of the total spent. All four conventions were hosted in London and related to her business. What is her maximum deductible convention expense for the year?

Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.

With regard to refundable tax credits, ________.

Question 15 options:

	if the taxpayer does not have tax payable for the year equal to or greater than the credit amount, the excess amount is paid as a refund to the taxpayer
	if the taxpayer does not have tax payable for the year equal to or greater than the credit amount, the excess credit amount is lost
	if the taxpayer does not have tax payable for the year equal to or greater than the credit amount, the entire amount of the credit is carried forward to a future taxable year
	if the taxpayer does not have tax payable for the year equal to or greater than the credit amount, the excess credit amount is carried forward