32 Free Test Bank for Byrd and Chens Canadian Tax Principle 2014 2015 Edition

Gauge your study progress and keep on track for your exam with 32 free test bank for Byrd and Chens Canadian Tax Principle 2014 2015 Edition multiple choice questions. This taxation accounting textbook test bank free is comprehensive of solutions for Canadian tax principles 2014 – 2015, follows the exam pattern and friendly formatted. Then you can count on it for knowledge improvement, critical thinking growth, certain check before the final exam.

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Which of the following forms of taxation provides the largest component of federal government taxation revenues:

•  A. Personal income tax
•  B. Corporate income tax
•  C. Goods and services tax
•  D. Employment insurance premiums

Which of the following statements is NOT correct?

•  A. Most major income tax changes are introduced in the annual Federal Budget.
•  B. A federal election can prevent passage of draft legislation.
•  C. Proposed changes in tax law are usually introduced to parliament in the form of a Notice of Ways and Means Motion.
•  D. When there is a conflict between the Canadian Income Tax Act and an international agreement, the terms of the Canadian Income Tax Act prevail.

Making contributions to an RRSP always involves what type of tax planning?

•  A. Tax avoidance and tax deferral.
•  B. Tax deferral.
•  C. Tax avoidance.
•  D. Income splitting.

Which of the following statements accurately describes the Income Tax Act view of income?

•  A. Net income is determined by adding revenue based on recognition at the point of sale and deducting expenses which are determined based on generally accepted accounting principles.
•  B. Net income is determined by adding together several different types of income based on an ordering rule.
•  C. Net income is the amount paid to an employee after an employer deducts CPP, EI, income taxes and any other source deductions from employee pay.
•  D. Net income is the total increase in a taxpayer’s net worth for the year.

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

•  A. are a resident in Canada.
•  B. are a citizen of Canada.
•  C. have lived in Canada at anytime during the year.
•  D. All of the above are required.

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

•  A. Individuals, proprietorships and corporations
•  B. Proprietorships, corporations and trusts
•  C. Individuals, trusts and corporations
•  D. Individuals, partnerships and corporations

Tanya Turek has the following sources of income and deductions: Gross employment income $35,000; Net employment income 34,000; Business loss 14,000; Taxable capital gain 4,000; Allowable capital loss 2,000. What is Tanya’s Net Income for Tax Purposes?

•  A. $23,000
•  B. $22,000
•  C. $36,000
•  D. $24,000

"We should not have a tax system which encourages investment in particular assets or in specific areas of the country." This statement reflects which of the following qualitative characteristics of an effective tax system?

•  A. Neutrality.
•  B. Horizontal equity.
•  C. Simplicity.
•  D. Elasticity.

Which of the following types of income earned by a non-resident is NOT subject to Canadian income tax under Part I of the Income Tax Act?

•  A. Employment income earned in Canada
•  B. Business income earned in Canada
•  C. Rental income earned in Canada
•  D. Income from the disposition of Canadian real estate