Chapter 11: Tax Planning and Strategies (CAD) Quiz

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

What is the purpose of an RRSP contribution?

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

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

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

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

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

How can strategic tax planning benefit an individual or business?