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Mr. and Mrs. Dunham have a disabled daughter who earned $1,000. Can Mr. and Mrs....

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Accounting

Mr. and Mrs. Dunham have a disabled daughter who earned $1,000. Can Mr. and Mrs. Dunham claim the credit against their tax liability?

True
False

Income tax is levied on the Taxable Income of all Canadian residents at any time during the fiscal year.

True
False

Individuals, trusts, and CCPCs are reassessed every six years by CRA.

True
False

Employees who exercise stock options for non-CCPC shares, such as shares of publicly traded companies, are taxed on the amount by which the fair market value of the shares increases.

True
False

Abigail is a 21-year-old woman with a CRA-approved disability tax credit. Can she claim additional credits such as medial and accessibility housing credits?

True
False

What is John Wood's basic personal amount if she has a net income of $180,000 in 2022?

When an individual who qualifies for the disability tax credit does not earn enough income, the unused credits can be transferred to supporting individuals.

True
False

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