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Short Answer Questions
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1
In the aggregating formula for calculating net income for tax purposes, what are five basic sources of income?
2
An individual had the following sources of income and deductions for the year: Salary - $30,000; Interest income - $2,000; Capital loss - $3,000; and a registered retirement savings plan (RRSP) contribution - $2,000. Following the format of the aggregating formula, calculate the individual's net income for tax purposes.
3
A taxpayer tells their qualified tax preparer that they only earned employment income in the year. The preparer reports the employment income as the only source of income for the income when completing the tax return. However, the preparer had advised the taxpayer on the proper tax treatment on the sale of an investment by the taxpayer in the year. Who, if anyone, is potentially subject to penalties under the Income Tax Act?





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