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Unformatted text preview: ,iPLE CHOlCE QUESTIONS - PART A (18 marks} rect response on the data card provided: ,rcie the cor ‘ Withholding tax is payable on all bond interest paid to a non-resident company. ' ' - , True... Or False K , 1 3 _ 2 - 2. A Chinese company pays all the educational costs of a Chinese student resident in Canada. That student is taxabie in Canada. True Or "'7False\~. 1 2 3. A corporation must have its mind and management in Canada in order to be a Canadian resident. 4. For residents of countries'with which Canada has a tax agreement. the international tax agreement overrides the Canadian lnoome .Tax Act when provisions of both act conflict. ,M ,1; I Tru\ei Or False v (if? 1 2 " 1M3; I“ #133 3 it is possible to reinvest proceeds on sale of CCPC shares in shares of anotherCCPC‘ .04 \ " 5. a in order to defer the original capital gains; .. T rues. Or False ‘ 1 , 2 6. Inventory which cost $10,000 was written down to an all market value for tax purposes of $5,000 in the current year. in the previous year the inventory wasvalued for tax purposes at all market which was $8,000. The inventory write-off for tax in the current year is $5,000. ‘ I . True Or . False 1 2 7. For purposes of the 183 day rute for determining residency you have to be ordinarily resident in Canada to order for this rule to apply . *- Tme Or False 1 2 8. The maximum 200? C .C.A. claim avaiiabte on Computer equipment acquired on June 30; 2007 for $100,000 is $27,500. '“ ‘ . v _ I) .a (1' A ‘ l lul- — no“ »-~ ' W‘ Qgg at“ ‘ gs‘ ‘ 1 True 0r False , i\' to” 1 2 J [‘0 ...
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