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E)If the lower income spouse was in prison for the entire year, the...

E)  If the lower income spouse was in prison for the entire year, the higher income spouse would be able to deduct child care costs during this period.

 

True or False

 

F)  While earnings on assets held in a Tax Free Savings Account (TFSA) will not be taxed while the assets are in the plan, the accumulated income will be subject to tax when it is withdrawn from the plan.

 

True or False

 

   G)  Which of the following statements is correct?

 

A) The federal dividend tax credit is equal to 38 percent of the eligible dividends received.

B) The federal dividend tax credit is equal to 6/11 of the gross up on eligible dividends received.

C) The federal dividend tax credit is equal to 15 percent of the non-eligible dividends received.

D) The federal dividend tax credit is equal to 6/11 of the gross up on non-eligible dividends received.

 

H)  The adjusted cost base (or capital cost) of an asset includes a number of costs. Indicate which cost would NOT be considered part of the capital cost.

 

A) Legal fees incurred to acquire the asset.

B) Duties paid on the asset.

C) Fire and theft insurance paid on the asset.

D) Non-refundable provincial sales taxes paid on the asset.

E) An appropriate allocation of overhead.

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