Employment Inc/Ded
Worker is not subject to the control of payer for time or manner of which services are to be performed; provides his own tools; has an opportunity for profit or risk of loss.
What is a self-employed individual?
Death benefits in excess of this amount are taxable.
What is $10,000?
In the year of death, donations are eligible to the extent of this percentage of net income.
What is 100%?
As a general rule all taxpayers should use this method of accounting, however these two industries CRA allows this method.
What is accrual? What are farmers and fishers and the cash method?
These are a few considerations to incorporate versus proprietorship. (3 min)
What are: 1) anticipated earnings; 2) tax deferrals and savings; 3) scientific research incentives; 4) provincial incentives; 5) income splitting and estate planning?
Where your employer provides you with living accommodation, the difference between what is charged and the fair market rent for equivalent accommodation is known as this.
What is a taxable benefit?
This portion of fellowships and research grants are taxable.
A final return for January 1 of the year of death to the date of death must be filed by the later of these dates.
What is six months after the date of death and the normal filing date for the deceased for the year of death (April 30 or June 15)?
Two tests, one of which must be met in order to claim home office expenses.
What is:
1) work space is principal place of business or
2) work space is used exclusively for the purpose of earning income from business and used on a regular and continuous basis for meeting the clients, customers or patients of the business?
These are three mechanisms through which benefits arise on an RESP.
What are 1) tax deferral (income earned not subject to tax as earned); 2) income splitting (when paid out taxed to beneficiary); 3) incentive grants (gov't matching program)?
An amount you receive without the requirement that you account for how you spent it.
What is an allowance?
Maximum weekly claim for expenses for a stay in a boarding school or an overnight camp for child care expenses a person can claim for:
1) 0-6; 2) 7-16; and 3) 0-17 (with disability credit)
are these amounts.
What are $200; $125 and $275?
A spouse dies in February and the survivor wants to assign pension income to the deceased (using the election to split pension income), the limitation on the amount to be transferred would be this.
What is 2/12 of one half of the survivor's pension income?
What is Last In, First Out Method (LIFO)?
Earned income with regards to RRSP contribution limits include income from these areas.
What is income from employment, business, real estate rentals, and certain royalties and not income from investments?
As a commission salesperson you may deduct an appropriate portion of these expenses in calculating employment income....but may not deduct these items.
(2 part question)
What are maintenance, utilities as well as taxes and insurance but not mortgage interest and CCA?
In these circumstances, an individual could deduct interest on their home mortgage.
What are 1) mortgage proceeds used to purchase rental property; 2) mortgage home to purchase investments or finance a business; 3) use part of home as business office?
These are 3 examples of items that may be filed on a rights or things return for the deceased.
What are: 1) Dividends declared but unpaid; 2) salaries, bonuses, commission, vacation pay owing but unpaid; 3) Accounts receivable where the deceased person used the cash method; 4) Inventories of stock-in-trade under the cash method. 5) matured but unclipped bond coupons?
(Any 3 above)
An incorporated business of providing services where an individual who performs such services on behalf of the corporation, or a person related to that individual, owns 10% of any shares of the corporation and, but for the existence of the corporation, the relationship between the individual and the person to whom the corporation provides such services could reasonably be considered to be that of an officer or employee and his employer.
What is a personal service business?
The maximum available room for an individual who has been over 18 since 2009 for a TFSA if no contributions have been made to date (up to 2018) is this.
What is $57,500?
If you are employed as a long-haul truck driver, you are entitled to deduct this percentage of the cost of your meals consumed during an eligible travel period.
What is 80%?
Farm losses may reduce income from other sources for the year only to the extent of the least of these.
What is
1) the farm loss for the year; or
2) $2,500 plus the lessor of: a) 1/2 of the amount by which the farming loss for the year exceeds $2,500, and b) $15,000
This arises on and as a consequence of an individual's death, if no more than 36 months after the death of the individual and is at that time a testamentary trust.
What is a graduated rate estate?
The cost and the fair market value of the taxpayer's WIP from the business is this amount at the end of the third taxation year that begins after March 21, 2017.
What is 3/5ths?
Contributions for eligible funeral arrangements cannot exceed these amounts for any particular individual.
(Not deductible but can earn income not subject to tax).
What are $15,000 for funeral services; $20,000 for cemetery services and $35,000 for both funeral and cemetery services?