Solution: The correct option is “ A” i.e Income Tax Regulations are intended to provide operational details for administration of the income tax act.
Solution: The correct option is “ D” i.e Solution: The correct option is “ A” i.e Lower case Roman numerals in parantheses within the organizational structure of the income tax refers to sub paragraph of the income tax act.
Solution: The correct option is “ B” i.e The primary purpose of the federal government to collect tax revenuesis to provide public goods and services.
Solution: The correct option is “ B” i.e The forms that are required to file an income tax return can be found on the CRA’s Website
is/are intended to provide operational details for administration of the Income Tax Act. Choose the correct...
________ is/are intended to provide operational details for administration of the Income Tax Act. Choose the correct answer. A. Income tax regulations B. International tax treaties C. Court decisions D. Draft legislation
When a taxpayer disagrees with CRA's interpretation of the Income Tax Act, what options does the taxpayer have? Choose the correct answer. A. none, since the CRA's interpretation is final B. file a court case to have a court make the final decision C. ask for an interpretive ruling from the House of Commons D. escalate the issue to the Minister of Finance
Administrative or informative guides that can assist with filing an individual income tax return can be found ________. Choose the correct answer. A. within the Income Tax Act B. on Canada Revenue Agency's website C. within the narrative of court cases D. within the Income Tax Regulations
How is the collection of corporate income taxes handled? Choose the correct answer. A. Canada Revenue Agency collects both federal and ALL provincial income taxes. B. Canada Revenue Agency collects federal taxes and each province collects provincial income taxes. C. Canada Revenue Agency collects federal and MOST provincial income taxes. D. The applicable provincial finance and revenue agency collects both federal and provincial income taxes for corporations operating within the province.
A primary purpose of international tax treaties is to ________. Choose the correct answer. A. establish diplomatic relations between Canada and other countries B. allow companies to operate tax-free outside of their home country C. encourage companies to establish international operations D. eliminate double taxation on the same income of a company
According to the Income Tax Act, which of the following items is the starting point for computing net business income for tax purposes? Choose the correct answer. A. Sales revenue less cost of goods sold B. Net income for a business computed using generally accepted accounting principles (GAAP) C. Net income for a business as reported on the previous year's income tax return D. Gross sales revenues
Canadian individual income tax is an example of a(n) ________ tax system. Choose the correct answer. A. flat B. progressive C. aggressive D. regressive
Which of the following statements BEST describes tax avoidance? Choose the correct answer. A. Willfully ignoring the letter and intent of the tax law in an attempt to minimize the amount of taxes paid by a taxpayer. B. Taxpayers who flee the country when they are informed of the CRA's intent to audit their tax records. C. Engaging in transactions that follow the letter of the law for the sole purpose of minimizing the amount of taxes paid by a...
Whether an individual is a resident or non-resident for Canadian tax purposes ________. Choose the correct answer. A. is determined by the individual's citizenship B. is not easily determined for all individuals C. is determined solely on the basis of where an individual lives D. is clearly defined in ITA 250 in the Income Tax Act
Which of the following BEST describes the general nature of a corporation's residence? Choose the correct answer. A. Residence is primarily determined based on tax treaties that exist among countries within which a corporation does business. B. Residence is primarily determined based on the country of incorporation and which country the corporation desires to be a resident of. C. Whether or not a company is a Canadian resident is easily determined by applying the rules within the ITA. D. Residence...