Residency
How many types of residency were introduced to you today?
4 types
What is the Sales Tax Rate in Ontario?
13%
What is deducted from your paycheck in order to contribute to the collective pool for pensions for Canadians?
CPP (Canadian Pension Plan) deductions
What does CRA stand for?
Canada Revenue Agency
What is the title of registered professional accountants in Canada?
Chartered Professional Accountants (CPA)
A person who only pays tax on their Canadian income is what kind of resident?
Non-Resident
In what year did Ontario adopt HST?
2000
How much higher do employers contribute to their employee's employment insurance (EI)?
1.4 times (or 140%)
What is the filing deadline for most personal taxes in Canada?
April 30th
How many months of experience is needed before you can become a CPA?
30 months
Danielle moved to Toronto from California on August 15, 2023. She bought a house in Toronto on August 27, 2023. In what year is she considered to be a full resident for tax purposes?
2024
What event prompted the first income taxes?
World War I (1917)
How much do employers contribute to their employee's CPP?
100% of their employee contributions are matched.
What type of taxation does the CRA use for personal income taxes?
Progressive tax
What type of accountant is tasked with independently checking company records to ensure they are telling the truth?
Auditors
Billy lives in Florida but has a Condo in Whistler, BC. He usually stays in Whistler from January to March, but in 2023, his Florida home was under construction. Since Billy can work remotely, he stayed in Whistler from July - October 2023, in addition to his usual time during ski season. What will happen to Billy's Canadian residency in 2023?
Billy becomes a deemed resident of Canada in 2023
What type of tax was used in Canada before Confederation?
Property Tax
What is the income cut-off amount for CPP?
$66,600.00
How much of Canada's Revenue comes from personal income tax?
48.0%
How long is the CFE Ontario exam for CPAs?
3 days
Randy has decided to take a job in Spain, starting January 15th, 2023, thus he will move and begin making income in Spain at this date. His wife and children are unable to move with him until May 1st, 2023, thus they are unable to sell their home in Canada until this point. Which of the two above dates would be considered Randy's part-year residency date?
May 1st, 2023
What is the new tax that is being levied in 2024 for online sales?
Digital Service Tax (DST)
What percentage of income is taken for CPP in 2023?
5.95%
What is the combined maximum rate for the highest tax bracket in Canada?
53.53%
How many modules are in the CPA PEP program?
6 modules