ca_exm_tx1_2010-09 - CGA-CANADA PERSONAL CORPORATE...

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ETX1S10 ©CGA-Canada, 2010 Page 1 of 9 CGA-CANADA PERSONAL & CORPORATE TAXATION [TX1] EXAMINATION September 2010 Time: 3 Hours Notes: 1. This examination is based on the Canadian Income Tax Act ( ITA) with Regulations (CCH 88th Edition). 2. Round all calculations to the nearest dollar, except price per share. 3. The following items, applicable to the 2009 taxation year, are provided for reference: Federal Income Tax Rates — 2009 2009 Taxable Income Federal Marginal Tax Rate Up to $40,726 15% $40,727 – $81,452 22% $81,453 – $126,264 26% $126,265 and over 29% Personal Tax Credits 2009 1. Single status taxpayer (paragraph 118(1)(c)) . ............................................................................................................ $ 1,548 2. Married status taxpayer (paragraph 118(1)(a)) Same as for single status taxpayer under (1) above, with an additional spousal credit of . ................................................................................................................... 1,548 3. Child (paragraph 118(1)(b.1)) . .................................................................................................................................... 313 4. Eligible dependant status taxpayer (paragraph 118(1)(b)) Same as for married status taxpayer in (2) above. 5. Infirm dependants 18 years of age or older (paragraph 118(1)(d)) . ........................................................................... 630 The credit is reduced if dependant’s net income exceeds . ........................................................................................ 5,956 6. Taxpayer is 65 years of age or over (subsection 118(2)) . .......................................................................................... 961 The credit is reduced if net income exceeds . ............................................................................................................. 32,312 7. Medical expenses credit (subsection 118.2(1)) The maximum reduction for purposes of the credit . .......................................................................................... 2,011 8. Caregiver — parent/grandparent (maximum) (paragraph 118(1)(c.1)) . ..................................................................... 630 The credit is reduced if dependant’s net income exceeds . ........................................................................................ 14,336 9. Education credit for each qualifying month (paragraph 118.6(2)(a)) . ......................................................................... 60 10. Education credit for each qualifying month (paragraph 118.6(2)(b)) . ......................................................................... 18 11. Employment credit (paragraph 118(10)) . .................................................................................................................... 157
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ETX1S10 ©CGA-Canada, 2010 Page 2 of 9 Marks 30 Question 1 Select the best answer for each of the following unrelated items. Answer
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This note was uploaded on 02/21/2012 for the course ACCOUNTING 451 taught by Professor Douglasletsch during the Spring '11 term at DeVry Phoenix.

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ca_exm_tx1_2010-09 - CGA-CANADA PERSONAL CORPORATE...

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