Reference no: EM133140145
Questions -
Q1. Arthur earned $14,000 in dividends from a taxable, canadian public corporation. He has a federal marginal tax rate of 29%,a provincial marginal tax rate of 19.7%. The federal dividend tax credit is 15.02% and he lives in a province where the provincial dividend tax credit is 6.60%. How much of the dividends received by Arthur will he retain after-tax?
a) $5,232
b) $8,768
c) $11,299
d) $2,287
Q2. Joe sold his coin collection for proceeds of $1,200. The collection had a ACB of $500. What must joe claim as a taxable capital gain on this disposition?
a) $100
b) $200
c) $700
d) $1000
Q3. Sabrina sold her farm -a qualified farm and fishing property under the Income Tax Act-for proceeds of $950,000; the adjusted cost base of the property is $150,000. Sabrina has not previously disposed of qualified capital property in any form. What is the MINIMUM amount on which Sabrina must pay tax as a result of the disposition of for farm?
a) $400,000
b) $800,000
c) $0
d) $950.000
Q4. What item would NOT be included as part of a statement of lifestyle expenditures?
a) interest expense on a car loan
b) interest expense on the mortgage on a principle residence
c) interest expense on the mortgage on a rental propriety
d) interest expense on outstanding credit card balances
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