Site MapHelpFeedbackTrue or False Quiz
True or False Quiz
(See related pages)

1
Publications and interpretations by the Canada Revenue Agency (CRA) are part of federal income tax law.
A)True
B)False
2
Canadian residents are taxed in Canada on their world income.
A)True
B)False
3
All corporations incorporated in Canada are considered resident in Canada including those controlled by non-resident shareholders.
A)True
B)False
4
The taxation year of a corporation can be changed with six months written notice to the Canada Revenue Agency (CRA).
A)True
B)False
5
The taxation year for an individual includes the 12-month period ending on April 30th.
A)True
B)False
6
In paragraph 3(c) of the aggregating formula, "Other items of deduction” that are more than all other sources of income may be carried forward indefinitely.
A)True
B)False
7
The terms "taxable income" and "net income" are interchangeable as they have the same meaning for tax purposes. .
A)True
B)False
8
Both Individuals and corporations compute both net income for tax purposes and taxable income in the same manner.
A)True
B)False
9
Each category of income is determined in accordance with its own set of basic principles.
A)True
B)False
10
A corporation must file a tax return even if it has ceased operations and has had no financial activity.
A)True
B)False
11
Individuals must file an annual income tax return starting with the year they turn 18.
A)True
B)False
12
Individuals must file an annual income tax return starting with the year they turn 18.
A)True
B)False
13
If a taxpayer has a loss it is not necessary to file a tax return for the year. The loss can be reported in the year it is claimed as a deduction against the taxpayer's other sources of income.
A)True
B)False
14
The first time a taxpayer fails to file their annual return can result in a maximum penalty of 17% of the amount of the unpaid tax, plus interest computed at rates prescribed by the Income Tax Act
A)True
B)False
15
To start an appeal process, the taxpayer needs to file appeal papers with the Tax Court of Canada.
A)True
B)False





To learn more about the book this website supports, please visit its Information Center.
Copyright (c)2019 McGraw-Hill Education .
Any use is subject to the Terms of Use and Privacy Notice | Report Piracy


Canada Income Tax 2019-2020Online Learning Center

Home > Chapter 3 > True or False Quiz