I know it all
An individual is considered a first-time home buyer if neither the individual nor his or her spouse or common-law partner lived in or owned another home in the year of purchase or in the preceding _______years
4
Currently, the HBP withdrawal limit is $______________.
$35,000
For tax years that begin after 2020, the 2021 version of the Form T1134 must be filed within _____________months of the end of the reporting taxpayer's tax year or, in the case of a partnership, it's fiscal period.
10 Months
FOR REMOTE ATTENDEES ONLY:
On a T2 corporation income tax return, What is the name of a schedule used for General Rate Income Pool (GRIP) calculation
Schedule 53
Name the CRA form used for “Declaration of conditions of Employment for working at home due to Covid-19”
T2200S
In 2021, the federal government brought in new GST rules for non-resident vendors in respect of their supply of digital products or services to Canadian consumers (dubbed the “Netflix Tax”). What was the effective date for non-resident vendors having to charge GST to its Canadian consumers?
July 01, 2021
FOR REMOTE ATTENDEES ONLY:
CRA will not consider an employee to receive a taxable benefit where their employer pays for or reimburses up to $____of computer or home office equipment to enable the employee to carry out their employment duties, provided the employee submits receipts to the employer
$500
Name 3 types of income included on a T5 slip
I held shares in a non-resident corporation with a cost amount of $75,000 and, at the same time, I had a bank account in the U.S. with $35,000 on deposit. Am I required to disclose this to CRA? If so, How is it to be disclosed?
Yes. You must file Form T1135 since the total cost amount of all specified foreign property exceeds the $100,000 threshold ($75,000 + $35,000 = $110,000)
Effective for tax years that start on or after April 7, 2022, Budget 2022 contained proposed changes to allow for more CCPC’s to be eligible for the small business deduction by proposing changes to raise the upper limit of taxable capital from $15 million to __________.
Note: No changes were proposed to the business limit reduction where adjusted aggregate investment income exceeds $50,000
$50 Million
Which of the following is true regarding the CRA’s interpretation of lottery winnings, miscellaneous receipts, and income?
An amount received as a windfall is not subject to tax
$1,000
FOR REMOTE ATTENDEES ONLY:
A Graduated Rate Estate is an estate that arises as the result of the death of a person on or after December 31, 2015 and no more than _____ months after the person’s death
36 Months
I have not claimed ITC on the GST return in the period it belongs to, within how many years I can claim those unclaimed ITCs:
Within 4 years after the end of the reporting period in which the ITC could have been claimed
A decision on a tax matter by the courts becomes part of the common law. Name the courts in Canada that decide tax cases, in ascending order of seniority:
Name 4 common business expenses disallowed by CRA for calculation of Net income for income tax purposes
In 2011, Pam transferred a capital property (with an ACB of $100,000 and a FMV of $150,000) to her husband Jim. In 2021, Jim sold the property to Dwight for $200,000. Assuming Pam has filed an election per 73(1) with her 2011 tax return. What are the tax consequences to Pam in 2011 and to Jim in 2021?
Pam has a CG of $50,000 (TCG $25,000) in her 2011 tax return and Jim has a CG of $50,000 (TCG $25,000) in his 2021 tax return
Under this specific section of the Income Tax Act, a non-resident of Canada can elect to file a tax return within 2 years of earning rental income from property located in Canada to report net income and pay taxes accordingly. If more tax is paid (withheld) from gross rents, the CRA will refund the non-resident the difference.
Section 216
I held a TFSA when I left Canada, can I keep it and continue to benefit from the exemption from Canadian tax on investment income and withdrawals? What will happen to my contribution room and subsequent contributions after becoming non-resident ?
If you hold a TFSA when you leave Canada, you can keep it and continue to benefit from the exemption from Canadian tax on investment income and withdrawals. However, you cannot contribute to your TFSA while you are a non-resident of Canada, and your contribution room will not increase
FOR REMOTE ATTENDEES ONLY:
Ryan and Kelly met in an office and eventually married. Tragically, Ryan suddenly passed away and he owned RRSP that had grown substantially in value. What are the tax consequences to Ryan of this RRSP account when he passed away?
The general rule is that on death, an RRSP account is de-registered resulting in 100% of the value at the time of death being taxable on the Ryan’s final income tax return. Since Ryan was married to Kelly, the RRSP is rolled over to Kelly at cost without any tax liability. Kelly will pay tax on withdrawals from the RRSP or when she dies
FOR REMOTE ATTENDEES ONLY:
Name 3 tax implications of a Canadian-controlled private corporation becoming a publically traded corporation
When a non-income producing property has been converted to an income producing property, (for example a Taxpayer begins to rent out his principal residence), an election can be filed pursuant to subsection ________ of the Act that deems the Taxpayer to not have made the change in use and to defer the recognition of the capital gain resulting from the deemed disposition until the property is ultimately sold.
Section 45(2) Election
Where a taxpayer has disposed of anything to a person with whom the taxpayer was not dealing at arm’s length for proceeds less than FMV, at the time of the disposition, the taxpayer is deemed to have received proceeds equal to the FMV of the property disposed. What section of the Act deals with such inadequate consideration?
Section 69
I am a shareholder of a CCPC that realized a $200,000 capital gain in the year from a sale of a property. A friend of mine told me that the corporation can make a special $100,000 distribution and I don’t have to pay any personal taxes if a special election form is filed. What is this distribution called AND what is the name of this form?
Capital Dividend
Form T2054 – Election for a Capital Dividend under Subsection 83(2)
What specific form can a Canadian resident agent file on behalf of a non-resident (prior to earning rent for a period from Canadian property) to have the withholding taxes which are normally calculated on gross rents to instead be based on net rental income?
Form NR6 Undertaking.
FYI-- If CRA approves the NR6 undertaking for a certain tax year, the non-resident is required (no longer elective) to file a return under section 216 by June 30th of the following year even if he has no tax payable or is not expecting a refund. If the non-resident has multiple rental properties, then all of the rental activities are reported together on one section 216 return