Reference no: EM132823184
Questions -
Q1. Which of the following is included in net income but not in taxable income?
Social assistance
Pension income
Inheritance
Employment income
Q2. Ralph is a senior, aged 67. His net income on Line 23600 is $45,000. How much agea mount can he claim on Line 30100 in Part A of Step 5?
$7,494.00
$6,412.50
$284.00
$0.00
Q3. Which of the following taxpayers is eligible for the Canada Workers Benefit? (Assume all these taxpayers live in Ontario.)
a. Jerald, age 23 and single, received $2,500 social assistance during the year plus $4,500 from a job he started late in the year.
b. Marianne, age 28 and single, received $3,600 EI benefits and $8,000 social assistance during the year
c. Taylor, age 26, supports her husband who is a full-time student at university; she earned $35,000 (tips included) from working as a waitress. They have no children
d. Nathan, age 19 and living alone, went to university full-time for 8 months. He earned $8,400 for the year from a job.
Q4. In November 2019, Jimmy sold his home and moved to a new city 85 km away to look for work. He did not find a new job until January of 2020. The total of all his moving expenses is $15,000. Jimmy should not file Form T1-M for 2019 since he did not have any income in the new city in 2019.
True
False
Q5. Until February last year Cornelia and her daughter Emma (6 years old), who is legally blind, lived on 75 Parker Street. They moved to a new house on 26 Belcourt, which is more suitable for Emma's needs. Form T2201 is on file with the CRA for Emma. Can Cornelia claim the home buyers' amount?
Yes
No
Q6. Rosemarie works as a waitress at the Waterfront Restaurant. She has an agreement with her employer that all her tips that were paid by credit or debit card are to be included in her T4 slip. However, some of her patrons gave her cash. Does Rosemarie have to include the tips she received in cash on her tax return?
Yes
No
Q7. Edward is a qualifying student enrolled full-time in a qualifying educational program. He received a scholarship of $5,000, which is fully exempt from tax.
True
False
Q8. How many years can a taxpayer go back to request a change of their tax return by filing a T1 Adjustment Request?
3 years
5 years
10 years
15 years
Q9. Edward received $7,271.67 of OAS benefits in 2019. His net income before adjustments (i.e., Line 23400) is $80,000. Edward did not receive or repay any EI in the year. How much of his OAS benefits does Edward have to repay?
$2,420.00
$7,271.67
$363.00
$242.00
Q10. Corey is single and has a net and taxable income of $60,000. How much basic federal tax will he save if he claims his medical expenses of $3,000?
$450.00
$270.00
$180.00
$104.00