Archived Quizzes >>

Tax Quiz

Video Tax News No. 342 - February, 2010

To Answer, click the 'yes' or 'no' button. Your score and the answers will be displayed once you hit the submit button.

		Yes	No
1.	The automobile expense deduction limits and the prescribed rates for the automobile operating expense benefit will be the same in 2010 as those for 2009.
2.	Mrs. X became married in 2009. She cannot claim the wholly dependent person credit for her child from a previous marriage in 2009 because she was married in the year.
3.	Starting in 2009, CRA will accept that reasonable travel allowances (including meals) paid by an employer to an employee may be excluded from the employee’s income even if the travel is within the municipality.
4.	An i-Phone is not considered to be a Class 52 (General-Purpose Electronic Data Processing Equipment) 100% capital cost allowance asset because it is electronic communications control equipment.
5.	A director that is assessed for unpaid GST of the corporation has the right to challenge the initial assessment of GST against the corporation.
6.	A corporation may designate a dividend to be an “eligible dividend” by simply recording it as such on the T5 Form.
7.	Legal costs incurred by a recipient of child support are deductible.
8.	A lawyer that has more time spent on the law practice than on his horse racing business had his horserace losses restricted to $8,750 under Section 31 of the Income Tax Act.
9.	Where a mistake is made with respect to registering title to real estate, this mutual mistake may be rectified through an application to the Court.
10.	There is no obligation to file financial statements with the charity Form T3010.
11.	Where the parent company is the beneficiary of a life insurance policy acquired by the subsidiary company, there is a taxable benefit conferred by the subsidiary company on the parent company.
12.	There are no forms to be filed by an individual when
13.	There is a website which shows information that your computer is giving away about you when you visit other web pages.
14.	There are no requirements to electronically file a GST/HST Return after June, 2010 even if the annual taxable supplies are over $1.5 million.
15.	The 50% addback for meals and entertainment applies to meals deducted as moving expenses and medical expenses.

Email us: info@videotax.com | Privacy Policy | About Us | www.videotax.com
Disclaimer | Copyright

This site relies heavily on the use of Adobe Acrobat documents. When you see this beside a link, it means Adobe Acrobat is needed to view the document.
Click here to download a FREE copy.

Video News Inc.
Mail: Box 82036 GMO#2 – Edmonton, AB CANADA – T6J 7E6
Deliveries: 5328 Calgary Trail NW – Edmonton, AB CANADA – T6H 4J8
Phone: 1-877-438-2057 | Fax: 1-877-437-4455