1. Award:V
WhichVofVtheVfollowingVisVnotVconsideredVtoVbeVaVseparateVentityVforVtaxVpurposesVinVCanada?
V AnVindividual
V
V AVproprietorshipV
V AVcorporationV
V AVtrust
AVproprietorshipVisVcorrectVasVtheVentitiesVsubjectVtoVtaxVonVincomeVinVCanadaVareVindividuals,Vcorpora
2. Award:V
WhichVofVtheVfollowingVattitudesVandVactionsVisVmostVlikelyVtoVhelpVdecision-makersVdevelopVanVefficien
V CashVflowsVshouldVbeVconsideredVfromVaVbefore-taxVperspectiveVwhenVmakingVdecisions.
V FunctionalVmanagersVshouldVnotVbeVheldVresponsibleVforVtheVtaxVeffectsVofVdecisionsVwithinVt
V V TaxVcostsVtoVaVbusinessVshouldVbeVregardedVasVcontrollableVexpenses,VmuchVlikeVproductVco
V AllVmanagersVshouldVownVaVcopyVofVtheVIncomeVTaxVAct.
TaxationVshouldVbeVconsideredVinVallVaspectsVofVbusinessVplanningVonVanVongoingVbasis.
3. Award:V
WhichVofVtheVfollowingVstatementsVisVtrue?
V DividendsVpaidVbyVaVcorporationVareVdeductibleVbyVthatVcorporationVandVareVaVformVofVpropertyV
cipient.V
V DividendsVpaidVbyVaVcorporationVareVdeductibleVbyVthatVcorporationVandVareVaVformVofVbusinessV
cipient.
V DividendsVpaidVbyVaVcorporationVareVnotVdeductibleVbyVthatVcorporationVandVareVaVformVofVbusiness
, V cashVflowVbefore-tax.
Decision-makingVshouldValwaysVaddressVtheVafter-taxVvalues.
,5. Award:V
IncomeVtaxVisVcalculatedVforVwhichVofVtheVfollowingVjurisdictionalVgroups?
V Municipal,Vprovincial,VandVfederalV
V Municipal,Vfederal,VandVforeign
V
V Provincial,Vfederal,VandVforeignV
V Municipal,Vprovincial,VandVforeign
CanadianVtaxpayersVareVusuallyVsubjectVtoVprovincial,Vfederal,VandVforeignVtaxVonVinternationalVincome.
6. Award:V
TwoVinvestorVcorporationsVmayVnotVenterVjointlyVintoVwhichVofVtheVfollowing?
V JointVventureV
V Partnership
V SeparateVcorporationV
V V Proprietorship
AVproprietorship,VsinceVitVisVanVoperationVrunVbyVoneVindividual.
7. Award:V
WhichVofVtheVfollowingVstatementsVisVtrue?
V CashVflowVshouldVneverVbeVcalculatedVonVanVafter-taxVbasis.
V V TheVtaxVcostVtoVaVbusinessVshouldVbeVregardedVasVaVcostVofVdoingVbusiness.
V IncomeVtaxVcannotVbeVtreatedVasVaVcontrollableVcost.
V TheVvalueVofVanVenterpriseVshouldVbeVbasedVonVpre-taxVcashVflow.
TaxVcostsVareVaVregularVpartVofVdoingVbusinessVandVthereforeVhaveVanVimpactVonVcashVflow.
8. Award:V
, 9. Award:V
WhichVofVtheVfollowingVlistsVaccuratelyVnamesVtheVfiveVgeneralVincomeVcategoriesVforVtaxVpurposes?
V Business,VInterest,VEmployment,VCapitalVGains,VOther
V
V Business,VProperty,VEmployment,VCapitalVGains,VForeign
V
V Business,VProperty,VEmployment,VCapitalVGains,VOtherV
V Business,VProperty,VEmployment,VInvestments,VOther
IncomeVforVtaxVpurposesVisVcategorizedVasVBusiness,VProperty,VEmployment,VCapitalVGains,VandVOther.
10. Award:V
Proprietorships,Vcorporations,Vpartnerships,VlimitedVpartnerships,VjointVventures,VandVincomeVtrustsV
areVallV V categoriesVofVincomeVforVtaxVpurposes.
V taxVjurisdictions.
V examplesVofVfinancialVinstruments.V V
V formsVofVbusiness.
ThisVlistVcomprisesVtheVmanyVformsVofVbusinessesVthatVmayVbeVcreated.
11. Award:V
WhichVofVtheVfollowingVstatementsVregardingVtaxationVwithinVjurisdictionsVinVCanadaVisVtr
ue?V
V FederalVandVprovincialVorVterritorialVtaxVbracketsVareValwaysVidenticalVtoVoneVanothe
r.
V OnlyVfederalVtaxesVapplyVtoVindividualsVwhileVbothVfederalVandVprovincialVorVterritorialVtaxesVa
V V BothVfederalVandVprovincialVorVterritorialVtaxesVapplyVtoVCanadianVtaxpayers.
V OnlyVfederalVtaxesVapplyVtoVcorporationsVwhileVbothVfederalVandVprovincialVtaxesVapplyVtoVind
WhichVofVtheVfollowingVisVnotVconsideredVtoVbeVaVseparateVentityVforVtaxVpurposesVinVCanada?
V AnVindividual
V
V AVproprietorshipV
V AVcorporationV
V AVtrust
AVproprietorshipVisVcorrectVasVtheVentitiesVsubjectVtoVtaxVonVincomeVinVCanadaVareVindividuals,Vcorpora
2. Award:V
WhichVofVtheVfollowingVattitudesVandVactionsVisVmostVlikelyVtoVhelpVdecision-makersVdevelopVanVefficien
V CashVflowsVshouldVbeVconsideredVfromVaVbefore-taxVperspectiveVwhenVmakingVdecisions.
V FunctionalVmanagersVshouldVnotVbeVheldVresponsibleVforVtheVtaxVeffectsVofVdecisionsVwithinVt
V V TaxVcostsVtoVaVbusinessVshouldVbeVregardedVasVcontrollableVexpenses,VmuchVlikeVproductVco
V AllVmanagersVshouldVownVaVcopyVofVtheVIncomeVTaxVAct.
TaxationVshouldVbeVconsideredVinVallVaspectsVofVbusinessVplanningVonVanVongoingVbasis.
3. Award:V
WhichVofVtheVfollowingVstatementsVisVtrue?
V DividendsVpaidVbyVaVcorporationVareVdeductibleVbyVthatVcorporationVandVareVaVformVofVpropertyV
cipient.V
V DividendsVpaidVbyVaVcorporationVareVdeductibleVbyVthatVcorporationVandVareVaVformVofVbusinessV
cipient.
V DividendsVpaidVbyVaVcorporationVareVnotVdeductibleVbyVthatVcorporationVandVareVaVformVofVbusiness
, V cashVflowVbefore-tax.
Decision-makingVshouldValwaysVaddressVtheVafter-taxVvalues.
,5. Award:V
IncomeVtaxVisVcalculatedVforVwhichVofVtheVfollowingVjurisdictionalVgroups?
V Municipal,Vprovincial,VandVfederalV
V Municipal,Vfederal,VandVforeign
V
V Provincial,Vfederal,VandVforeignV
V Municipal,Vprovincial,VandVforeign
CanadianVtaxpayersVareVusuallyVsubjectVtoVprovincial,Vfederal,VandVforeignVtaxVonVinternationalVincome.
6. Award:V
TwoVinvestorVcorporationsVmayVnotVenterVjointlyVintoVwhichVofVtheVfollowing?
V JointVventureV
V Partnership
V SeparateVcorporationV
V V Proprietorship
AVproprietorship,VsinceVitVisVanVoperationVrunVbyVoneVindividual.
7. Award:V
WhichVofVtheVfollowingVstatementsVisVtrue?
V CashVflowVshouldVneverVbeVcalculatedVonVanVafter-taxVbasis.
V V TheVtaxVcostVtoVaVbusinessVshouldVbeVregardedVasVaVcostVofVdoingVbusiness.
V IncomeVtaxVcannotVbeVtreatedVasVaVcontrollableVcost.
V TheVvalueVofVanVenterpriseVshouldVbeVbasedVonVpre-taxVcashVflow.
TaxVcostsVareVaVregularVpartVofVdoingVbusinessVandVthereforeVhaveVanVimpactVonVcashVflow.
8. Award:V
, 9. Award:V
WhichVofVtheVfollowingVlistsVaccuratelyVnamesVtheVfiveVgeneralVincomeVcategoriesVforVtaxVpurposes?
V Business,VInterest,VEmployment,VCapitalVGains,VOther
V
V Business,VProperty,VEmployment,VCapitalVGains,VForeign
V
V Business,VProperty,VEmployment,VCapitalVGains,VOtherV
V Business,VProperty,VEmployment,VInvestments,VOther
IncomeVforVtaxVpurposesVisVcategorizedVasVBusiness,VProperty,VEmployment,VCapitalVGains,VandVOther.
10. Award:V
Proprietorships,Vcorporations,Vpartnerships,VlimitedVpartnerships,VjointVventures,VandVincomeVtrustsV
areVallV V categoriesVofVincomeVforVtaxVpurposes.
V taxVjurisdictions.
V examplesVofVfinancialVinstruments.V V
V formsVofVbusiness.
ThisVlistVcomprisesVtheVmanyVformsVofVbusinessesVthatVmayVbeVcreated.
11. Award:V
WhichVofVtheVfollowingVstatementsVregardingVtaxationVwithinVjurisdictionsVinVCanadaVisVtr
ue?V
V FederalVandVprovincialVorVterritorialVtaxVbracketsVareValwaysVidenticalVtoVoneVanothe
r.
V OnlyVfederalVtaxesVapplyVtoVindividualsVwhileVbothVfederalVandVprovincialVorVterritorialVtaxesVa
V V BothVfederalVandVprovincialVorVterritorialVtaxesVapplyVtoVCanadianVtaxpayers.
V OnlyVfederalVtaxesVapplyVtoVcorporationsVwhileVbothVfederalVandVprovincialVtaxesVapplyVtoVind
