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Which of the following is NOT a taxable entity for Canadian income tax purposes?

Question 1 options:

	a) A Canadian resident corporation.
	b) A partnership.
	c) A family trust.
	d) A Canadian resident.

Question 2 (1 point)

Which of the following groups of entities are all subject to taxation on income?

Question 2 options:

	a) Proprietorships, corporations and trusts
	b) Individuals, proprietorships and corporations
	c) Individuals, partnerships and corporations
	d) Individuals, trusts and corporations

Question 3 (1 point)

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An individual is liable for income tax in Canada if they:

Question 3 options:

	a) are a resident in Canada.
	b) are a citizen of Canada.
	c) have lived in Canada at some point during the taxation year.
	d) All of the above are required.

Question 4 (1 point)

Which of the following persons is NOT liable for Canadian income tax under Part I of the Income Tax Act?

Question 4 options:

	a) A Canadian resident corporation.
	b) A resident of the United States who earns interest income in Canada.
	c) A resident of the United States who earns employment income in Canada.
	d) An individual who has resided in Canada for the past 20 years.

Question 5 (1 point)

Regardless of an individuals filing due date, i.e., April 30th or June 15th, any balance of tax owing must be paid by April 30th.

Question 5 options:

	a) True
	b) False

Question 6 (1 point)

Interest and penalties on a balancing owing to the Canada Revenue Agency may be waived or reduced in extraordinary circumstances, such as those involving natural disasters or serious illness.

Question 6 options:

	a) True
	b) False

Question 7 (1 point)

With respect to the filing of a T1 Personal Income Tax and Benefits Return, which of the following statements is correct?

Question 7 options:

	a) An individual is required to file an income tax return if they have reached the age of 18 by the end of the year.
	b) An individual is required to file an income tax return if their only source of income is business income, even if no tax is payable.
	c) An individual is not required to file an income tax return if no tax is payable for the year.
	d) If an individual has disposed of a capital property during the year, they are required to file an income tax return, even if no tax is payable.

Question 8 (1 point)

Which of the following dates are correct for a self-employed individual for the date by which the tax return for a year must be filed ________ and the payment due date ________?

Question 8 options:

	a) April 30, April 30.
	b) April 30, June 15.
	c) June 15, April 30
	d) June 15, June 15.

Question 9 (1 point)

Which of the following is NOT one of the criteria that must be met before an adjustment to a previous year tax return is permitted?

Question 9 options:

	a) The reassessment must be made within the normal assessment period, or under certain permitted extensions to this period.
	b) The change is based on a successful appeal to the courts by another taxpayer.
	c) The taxpayers return was filed within 3 years of the end of the year to which it relates.
	d) The Canada Revenue Agency must be satisfied that its previous assessment was incorrect.

Question 10 (1 point)

Which of the following statements is NOT correct?

Question 10 options:

	a) A taxpayer can choose to file a waiver in order that have a reassessment beyond the normal 3-year period.
	b) When the person filing the return has made any misrepresentation due to neglect, carelessness or wilful default, the normal reassessment period can be extended beyond the normal 3-year period.
	c) Reassessment can occur outside the normal reassessment period when reassessment within the normal period affects a balance outside of the normal 3-year period.
	d) A tax return cannot be reassessed after the Canada Revenue Agency has already reassessed it.

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