ca_exm_tx1_2011-03 - ETX1M11 CGA-Canada, 2011 Page 1 of 8...

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Unformatted text preview: ETX1M11 CGA-Canada, 2011 Page 1 of 8 CGA-CANADA PERSONAL & CORPORATE TAXATION [TX1] EXAMINATION March 2011 Time: 3 Hours Notes: 1. This examination is based on the Canadian Income Tax Act ( ITA) with Regulations (CCH 90th Edition). 2. Round all calculations to the nearest dollar, except price per share. 3. The following items, applicable to the 2010 taxation year, are provided for reference: Federal Income Tax Rates 2010 2010 Taxable Income Federal Marginal Tax Rate Up to $40,970 15% $40,971 $81,941 22% $81,942 $127,021 26% $127,022 and over 29% Personal Tax Credits 2010 1. Single status basic personal amount (paragraph 118(1)(c)) .................................................................................. $ 1,557 2. Spouse or common law partner amount (paragraph 118(1)(a)) ................................................................................. 1,557 3. Child amount (paragraph 118(1)(b.1)) ........................................................................................................................ 315 4. Eligible dependant (paragraph 118(1)(b)) Same as for spouse or common-law partner in (2) above. 5. Infirm dependants 18 years of age or older (paragraph 118(1)(d)) ............................................................................ 633 The credit is reduced if dependants net income exceeds ......................................................................................... 5,992 6. Age amount taxpayer is 65 years of age or over (subsection 118(2)) ................................................................... 967 The credit is reduced if net income exceeds .............................................................................................................. 32,506 7. Medical expenses credit (subsection 118.2(1)) The threshold is the lesser of 3% of net income and ........................................................................................ 2,024 8. Caregiver parent/grandparent (maximum) (paragraph 118(1)(c.1)) ...................................................................... 633 The credit is reduced if dependants net income exceeds ......................................................................................... 14,422 9. Education credit for each qualifying month full-time (paragraph 118.6(2)(a)) ....................................................... 60 10. Education credit for each qualifying month part-time (paragraph 118.6(2)(b)) ...................................................... 18 11. Textbook credit for each qualifying month full-time (paragraph 118.6(2.1)(a) ....................................................... 10 12. Textbook credit for each qualifying month part-time (paragraph 118.6(2.1)(b) ..................................................... 3 13. Canada employment amount (paragraph 118(10)) .................................................................................................... 158 ETX1M11...
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