Module 10B: Introduction to Woodlot - Income Tax and Estate Planning

Results

This person got 9 of 10 possible points.
Total score: 90 %

Question Results

Score 1 of 1

Question:

Changing the use of a property from personal to business may result in an unexpected capital gain.

Response:

True

False

Score 1 of 1

Question:

Government grant revenue received to buy a piece of equipment can be used to offset the equipment cost for tax purposes.

Response:

True

False

Score 1 of 1

Question:

Partnerships can choose their fiscal year end date.

Response:

True

False

Score 1 of 1

Question:

Income splitting within a family unit can result in a substantial reduction of income tax owed.

Response:

True

False

Score 1 of 1

Question:

The most relevant way for a woodlot owner to split income is by making spousal RRSP contributions.

Response:

True

False

Score 1 of 1

Question:

When an individual is 65 and their income is greater than $108,000, he/she will have to repay all of his/her O.A.S.

Response:

True

False

Score 1 of 1

Question:

Senior citizens receiving O.A.S. and thinking about selling their woodlot should consult with a Tax Advisor well in advance of the stumpage sale.

Response:

True

False

Score 1 of 1

Question:

As a proprietor, your tax return is due to be filed by April 30th, and your tax payment is due by June 15th.

Response:

True

False

Score 0 of 1

Question:

You have 6 months to file your corporate tax return.

Response:

True

False

Score 1 of 1

Question:

You will be charged interest and penalties on late income tax payments.

Response:

True

False