Question #1 - What is the late filing penalty for a person that has filed on time in the previous three years?
A) 5% on May 1st.
B) 5% on May 1st plus 1% per month to a maximum of 12 months.
C) 5% on May 1st plus 1% per month to a maximum of 20 months.
D) 5% on May 1st plus 1% per month with no maximum.
Question #2 - What is the farthest back you can file an original return to get a refund due to you?
A) For the tax year 3 years before the current year. i.e. a refund on the 2016 tax year could be applied for in 2019.
B) For the tax year 6 years before the current year. i.e. a refund on the 2013 tax year could be applied for in 2019.
C) For the tax year 10 years before the current year. i.e. a refund on the 2009 tax year could be applied for in 2019.
D) For the tax year 20 years before the current year. i.e. a refund on the 1999 tax year could applied for in 2019.
Question #3 - Line 101 - What happens if you received income from being an emergency services volunteer - i.e. an ambulance technician, a firefighter, a search and rescue volunteer, or other type of emergency worker?
A) A maximum of $1,000 is tax exempt. You will receive a T4 reporting taxable amounts in box 14 and non taxable amounts in box 87. If you received more than one T4 you must add back any amounts over $1,000 for the various amounts reported in box 87 on your T4's. You may also claim either the volunteer firefighters’ amount on line 362 or the search and rescue volunteers’ amount on line 395.
B) A maximum of $1,000 is tax exempt. You will receive a T4 reporting taxable amounts in box 14 and non taxable amounts in box 87. If you received more than one T4 you must add back any amounts over $1,000 for the various amounts reported in box 87 on your T4's. You may NOT also claim either the volunteer firefighters’ amount on line 362 or the search and rescue volunteers’ amount on line 395.
C) $1,000 is tax exempt per employer. You will receive a T4 reporting taxable amounts in box 14 and non taxable amounts in box 87. You should not have to add anything back as each employer will have treated the correct amount in box 87 as tax free. You may also claim either the volunteer firefighters’ amount on line 362 or the search and rescue volunteers’ amount on line 395.
D) $1,000 is tax exempt per employer. You will receive a T4 reporting taxable amounts in box 14 and non taxable amounts in box 87. You should not have to add anything back as each employer will have treated the correct amount in box 87 as tax free. You may NOT also claim either the volunteer firefighters’ amount on line 362 or the search and rescue volunteers’ amount on line 395.
Question #4 - Line 208 - Which of the following is true for RRSP contributions?
A) You may deduct any contributions made during the remainder of the tax year and the 1st 60 days of the new year as well as any carryforwards from previous years to the extent that you have RRSP room available. You are required to amend earlier years if you missed any RRSP slips before you can claim the missed RRSP deduction as part of your carryforwards.
B) You may deduct any contributions made during the remainder of the tax year and the 1st 60 days of the new year as well as any carryforwards from previous years to the extent that you have RRSP room available. You may also deduct any slips that you missed reporting in earlier years not included in the carryforward figure.
B) You are required to deduct any contributions made during the remainder of the tax year and the 1st 60 days of the new year to the extent that you have RRSP room available. If you missed any slips in the previous year you must amend the earlier return in order to claim those in the proper year.
C) You are required to deduct any contributions made during the remainder of the tax year and the 1st 60 days of the new year as well as any carryforwards from previous years to the extent that you have RRSP room available and also have taxable income to deduct it against. If you missed any slips in the previous year you must amend the earlier return in order to claim those in the proper year or add them into the carryforwards if you already had no taxable income after deductions that year.
Question #5 - Line 326 - Which of the following does not transfer from a spouse to line 326 on your return?
A) Age Amount - From line 301 of the transferring spouse
B) Pension Amount - From Line 314 oft he transferring spouse.
C) Interest Paid on Student Loans - From line 319 of the transferring spouse
D) Canada Care Giver Amount for infirm children under age 18 - From line 367 of the transferring spouse
Answers!
A) 5% on May 1st.
B) 5% on May 1st plus 1% per month to a maximum of 12 months.
C) 5% on May 1st plus 1% per month to a maximum of 20 months.
D) 5% on May 1st plus 1% per month with no maximum.
Question #2 - What is the farthest back you can file an original return to get a refund due to you?
A) For the tax year 3 years before the current year. i.e. a refund on the 2016 tax year could be applied for in 2019.
B) For the tax year 6 years before the current year. i.e. a refund on the 2013 tax year could be applied for in 2019.
C) For the tax year 10 years before the current year. i.e. a refund on the 2009 tax year could be applied for in 2019.
D) For the tax year 20 years before the current year. i.e. a refund on the 1999 tax year could applied for in 2019.
Question #3 - Line 101 - What happens if you received income from being an emergency services volunteer - i.e. an ambulance technician, a firefighter, a search and rescue volunteer, or other type of emergency worker?
A) A maximum of $1,000 is tax exempt. You will receive a T4 reporting taxable amounts in box 14 and non taxable amounts in box 87. If you received more than one T4 you must add back any amounts over $1,000 for the various amounts reported in box 87 on your T4's. You may also claim either the volunteer firefighters’ amount on line 362 or the search and rescue volunteers’ amount on line 395.
B) A maximum of $1,000 is tax exempt. You will receive a T4 reporting taxable amounts in box 14 and non taxable amounts in box 87. If you received more than one T4 you must add back any amounts over $1,000 for the various amounts reported in box 87 on your T4's. You may NOT also claim either the volunteer firefighters’ amount on line 362 or the search and rescue volunteers’ amount on line 395.
C) $1,000 is tax exempt per employer. You will receive a T4 reporting taxable amounts in box 14 and non taxable amounts in box 87. You should not have to add anything back as each employer will have treated the correct amount in box 87 as tax free. You may also claim either the volunteer firefighters’ amount on line 362 or the search and rescue volunteers’ amount on line 395.
D) $1,000 is tax exempt per employer. You will receive a T4 reporting taxable amounts in box 14 and non taxable amounts in box 87. You should not have to add anything back as each employer will have treated the correct amount in box 87 as tax free. You may NOT also claim either the volunteer firefighters’ amount on line 362 or the search and rescue volunteers’ amount on line 395.
Question #4 - Line 208 - Which of the following is true for RRSP contributions?
A) You may deduct any contributions made during the remainder of the tax year and the 1st 60 days of the new year as well as any carryforwards from previous years to the extent that you have RRSP room available. You are required to amend earlier years if you missed any RRSP slips before you can claim the missed RRSP deduction as part of your carryforwards.
B) You may deduct any contributions made during the remainder of the tax year and the 1st 60 days of the new year as well as any carryforwards from previous years to the extent that you have RRSP room available. You may also deduct any slips that you missed reporting in earlier years not included in the carryforward figure.
B) You are required to deduct any contributions made during the remainder of the tax year and the 1st 60 days of the new year to the extent that you have RRSP room available. If you missed any slips in the previous year you must amend the earlier return in order to claim those in the proper year.
C) You are required to deduct any contributions made during the remainder of the tax year and the 1st 60 days of the new year as well as any carryforwards from previous years to the extent that you have RRSP room available and also have taxable income to deduct it against. If you missed any slips in the previous year you must amend the earlier return in order to claim those in the proper year or add them into the carryforwards if you already had no taxable income after deductions that year.
Question #5 - Line 326 - Which of the following does not transfer from a spouse to line 326 on your return?
A) Age Amount - From line 301 of the transferring spouse
B) Pension Amount - From Line 314 oft he transferring spouse.
C) Interest Paid on Student Loans - From line 319 of the transferring spouse
D) Canada Care Giver Amount for infirm children under age 18 - From line 367 of the transferring spouse
Answers!