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WorksheetsLet's Talk Money!
Total questions: 21
Worksheet time: 13mins
Basic Personal Tax Questions (10 Points!):
What is the deadline for filing your personal income tax return in Canada?
May 1st
April 30th
April 1st
June 30th
Basic Personal Tax Question (10 Points):
Which form do you use to report employment income in Canada?
T4
T3
Tax File
S3
Basic Personal Tax Question (10 Points): In Canada, you must report all income, including tips, on your tax return.
TRUE
FALSE
Basic Personal Tax Question (10 Points): What is the term for a tax-saving investment account where your money grows tax-free?
RRSP
TFSA
RTSP
RESP
Basic Personal Tax Question (10 Points): List the THREE residency status for individuals in Canada
Resident, Part Year (Deemed) Resident, Non Resident
Resident, Primary Resident, Secondary Resident
Resident, Part time Resident, Dwelling Resident
Resident, Deemed Resident, Secondary Resident
CASE TIME!
You are hired at AOA to help a client with their tax planning as they are looking to open and start their own business soon in Canada. Arno is currently dissatisfied with his previous tax planning consultant and wants your help. Arno is a Canadian citizen who has been living in Canada for the past ten years. However, as part of Arno's job with AOA, he travels to US for 75 days each year due to employment. Before going further, Arno asked you to advise him on which type of resident he is.
Non Resident
Resident
Part time Resident
Resident of US
CASE TIME Cont'd: Arno is super worried as he does not know if he should report his US income on his tax return for Canada.
Yes, Arno should report it as worldwide income on his Canadian tax Return
No, because employment income is earned in the US, therefore Arno does not need to report it as they are two seperate obligations
CASE TIME cont'd: Arno is a sales employee and works hard to promote AOA's initiatives. AOA sees Arno's hard work and efforts and granted Arno a trip to Hawaii worth $5500. Arno is asking if it is necessary to report this on his income as it is a gift from AOA.
Only a partial amount of $2500 should be recorded.
Yes, this is considered a taxable benefit. Gifts or prizes received by employer should be included in the income tax return.
No! As per the ITA, only gifts that exceeds $10,000 should be reported as part of income.
Arno's employment income for the year is $87,000. During the year, Arno made charitable donations worth $5600. What amount is deductible for Charitable donations? (ITA mentions that individuals can claim donations up to 75% of his net income in the year of donation)
$2800
$5600
$4200
$65,250
During the year, Arno travelled to UTSC campus for employment reasons due to his sales work. To get to work, Arno have to ride his scooter vehicle. Arno incurred $150 for automobile and 75% of that was used for employment. In addition he also incurred $65 for meals and entertainment at La Prep. What amount is deductible?
$145
$150
$65
$215
During the year, Arno incurred telephone expenses used to earn employment income. Is this expense deductible for Arno's case?
Yes
No
Arno's friend wants your advice on whether he can deduct his meals & entertainment expenses. Arno told him he can deduct the meals & entertainment expenses even though he is not earning commission income. is this true or false?
True
False
Arno wants to know the HST / GST rate for Ontario
5%
13%
15%
10%
Arno wants know whether taxable supplies are subject to HST / GST
Yes, taxable supplies in Canada are subject to HST / GST but cannot claim input tax credits.
Yes, taxable supplies in Canada are subject to HST / GST and subject to input tax credits.
No, they are only limited to input tax credits.
No, not required to pay HST / GST on taxable items
Basic groceries are zero-rated supplies
True
False
Exempt supplies are subject to GST / HST, and can claim input tax credits on these supplies.
True
False
In Canada, individuals and businesses are subject to penalty's if they file their taxes to CRA late
True
False
AOA provided $650 of moving allowance to Arno. Is the $650 of moving allowance taxable?
Yes, the $650 will be included in taxable income. The ITA states that the first $650 is taxable.
No, the $650 will not be included in taxable income since the ITA mentioned the first $650 is not taxable.
Half of the $650 would be taxable.
AOA gave $1000 of moving allowance to Arno. How much of this amount is taxable?
$5000
$350
$1000
$400
Lastly, Arno is planning to retire from the 2023-2024 team soon. AOA provided Arno with financial planning in respect of his retirement. Is this a taxable benefit?
Arno should not retire.
It is a taxable benefit
It is a non taxable benefit.
Half of the amount is considered taxable.
BONUS: What is one key takeaway from today's event?
BONUS QUESTION: What is one key takeaway from today's event?
