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Chapter 11: Tax Planning and Strategies (CAD) Quiz

31 Aug

Chapter 11: Tax Planning and Strategies (CAD) Quiz

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Personal Finance
Chapter 11: Tax Planning and Strategies (CAD)
Chapter 11: Tax Planning and Strategies (CAD) Quiz

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Question 1 of 10

1. Question
1 point(s)

Which of the following types of income is subject to both federal and provincial taxes in Canada?

Capital gains
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Property tax
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Income tax
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Sales tax
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Question 2 of 10

2. Question
1 point(s)

What is the purpose of an RRSP contribution?

To avoid paying taxes altogether
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To reduce current taxable income and grow investments tax-deferred
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To increase monthly paychecks
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To fund immediate expenses
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Question 3 of 10

3. Question
1 point(s)

What happens if a taxpayer overpays their taxes through payroll deductions?

They owe additional taxes
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They receive a tax refund
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They are penalized
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They receive no benefit
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Question 4 of 10

4. Question
1 point(s)

The marginal federal tax rate is the tax rate applied to your last dollar of income.

True
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False
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Question 5 of 10

5. Question
1 point(s)

Contributions to a TFSA are made with pre-tax dollars and grow tax-deferred.

True
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False
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Question 6 of 10

6. Question

3 point(s)

Definition

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A tax on earnings from employment, businesses, and investments
A tax on the sale of goods and services
A tax based on the assessed value of real estate

Income Tax

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Sales Tax

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Property Tax

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Correct

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Question 7 of 10

7. Question

3 point(s)

Definition

Sort elements

Employee and employer contributions to a mandatory pension plan
A federal tax on goods and services
The tax rate applied to the last dollar of income earned

CPP Contributions

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GST	Correct Incorrect Correct answer

Marginal Tax Rate

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Question 8 of 10

8. Question
1 point(s)

Arrange these tax deductions from most to least likely to reduce taxable income: RRSP contributions, Childcare expenses, Charitable donations.

answer is Correct is the Correct Answer answer is Incorrect

answer is Correct is the Correct Answer answer is Incorrect

answer is Correct is the Correct Answer answer is Incorrect

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Question 9 of 10

9. Question
1 point(s)

Rank these types of income from highest to lowest tax rates: Capital gains, Employment income, Dividend income.

answer is Correct is the Correct Answer answer is Incorrect

answer is Correct is the Correct Answer answer is Incorrect

answer is Correct is the Correct Answer answer is Incorrect

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Question 10 of 10

10. Question
1 point(s)

How can strategic tax planning benefit an individual or business?

This response will be reviewed and graded after submission.

Grading can be reviewed and adjusted.

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