Unformatted text preview: $2,500 on these shares. What amount do I include in my 2009 income? Nil Subsection 74.5(13) 3. I am a non-resident of Canada and I own a rental property located in Ontario. I can choose to file a Canadian tax return to report my Canadian source rental income on a net basis. True or false? True Subsection 216(1) 4. I loaned my 22 year-old son $100,000 for investment purposes in order to reduced my income and allow him to earn income to use his tuition credits. He earned $6,000 of eligible dividends on these loaned funds in 2009. How much income should my son report in 2009 in respect of these investments? Nil Subsection 56(4.1) 5. I am a Canadian resident and own shares in US companies with a total cost of CDN $125,000. I am required to report these investments to the Canada Revenue Agency – true or false? True Section 233.3 Summer 2010 – ADMS 4561 Midterm #1 Page 1 of 1...
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- Summer '10
- Income Tax Act, Taxation in Canada, Canada Revenue Agency