Which of the following tax credits can not be transferred to a spouse?The age creditsThe disability creditThe EI and CPP benefitsThe pension income credits The claw back of OAS payments will not alter the individual’s net income for tax purposes (True/False)- _________ There is no limit on the amount of the tuition credit that can be transferred to a spouse (True/False)- ________ Adam, who is single supports his 80 years old blind mother who has no income and lives in a nursing home. Which of the following federal tax credit can be claimed for his mother?Disability tax credit onlydisability tax credit and Canada caregiver tax credit onlydisability tax credit and eligible tax credit onlyCanada caregiver credit only. Joe is self-employed. He might be eligible for all of the following Federal tax credits, except:CPP tax creditEI tax CreditCanada employment Tax CreditCanada workers benefit tax credit. Elsa is 73 years old. Her 2021 net income for tax purposes from RRIF and other investments is $120,000. She lives with her common law partner Felix, who is 63 years old. Felix’s only income for 2021 was investment income of $6000. Elsa can claim all of the following federal tax credits, exceptbasic personal tax creditage tax credit,pension tax creditspousal tax credit. Which of the following items is not a deduction in the determination of an individual’s taxable income?Worker’s compensation payments received as a result of injury.A business loss incurred during the current year.An allowable capital loss realized in a previous year.None of the above

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SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter3: Computing The Tax

Section: Chapter Questions

Problem 5DQ

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Which of the following tax credits can not be transferred to a spouse?
The age credits
The disability credit
The EI and CPP benefits
The pension income credits

The claw back of OAS payments will not alter the individual’s net income for tax purposes (True/False)- _________

There is no limit on the amount of the tuition credit that can be transferred to a spouse (True/False)- ________

Adam, who is single supports his 80 years old blind mother who has no income and lives in a nursing home. Which of the following federal tax credit can be claimed for his mother?
Disability tax credit only
disability tax credit and Canada caregiver tax credit only
disability tax credit and eligible tax credit only
Canada caregiver credit only.

Joe is self-employed. He might be eligible for all of the following Federal tax credits, except:
CPP tax credit
EI tax Credit
Canada employment Tax Credit
Canada workers benefit tax credit.

Elsa is 73 years old. Her 2021 net income for tax purposes from RRIF and other investments is $120,000. She lives with her common law partner Felix, who is 63 years old. Felix’s only income for 2021 was investment income of $6000. Elsa can claim all of the following federal tax credits, except
basic personal tax credit
age tax credit,
pension tax credit
spousal tax credit.

Which of the following items is not a deduction in the determination of an individual’s taxable income?
Worker’s compensation payments received as a result of injury.
A business loss incurred during the current year.
An allowable capital loss realized in a previous year.
None of the above

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