MULTIPLE CHOICE QUESTIONS
Elaine operates a copying franchise, Elaine's Copy Centre. Elaine's Copy Centre
files its HST returns on a quarterly basis. For the October to December 2010
quarter, the following transactions (excluding applicable HST @ 13%) took place:
Paper and other supplies
Bad debt expense
(GST previously remitted on sale)
Assuming all purchases are from registered suppliers, the HST payable by
Elaine's Copy Centre for the quarter ended December 31, 2010, based on the
above transactions, is:
Elaine's Copy Centre's HST return for the quarter ended December 31, 2010
was due on:
December 31, 2010
January 1, 2011
January 31, 2011
December 21, 2011
Which of the following is false?
All persons engaged in a business must register with CRA for HST purposes.
A “quick-method” of calculating HST is available to eligible small businesses.
Long-term residential rents are exempt from HST.
The HST portion of a debt written off, where HST has been remitted on the
sale, may be claimed as an input tax credit.
ABC's Part I tax payable for 2008 and 2009 was $5,820 and $5,450, respectively.
ABC's estimated Part I tax payable for 2010 is $5,940. ABC is not eligible for the
small business deduction. Assuming that ABC wants to pay the lowest amount
possible, without incurring interest, for monthly instalments, what would their
monthly instalments be:
12 @ $454
12 @ $495
2 @ $454 and 10 @ $503
12 @ $485