What do we pay in sales tax living in BC?

We pay the PST of 7% and the GST of 5%-12% in total

When we pay taxes, we still get deductions for...

Neither sports or music. It's been cancelled

Why should you NOT do your taxes at the last minute?

You might not have enough time to do it right

What is the problem with trying to file in late February?

You may not have received all of your receipts yet

You need to fill out a tax form if you are self-employed in Canada

Yes-you need to add your income on a separate form called T2125

In 2018, what DIDN'T the CRA do for those waiting for help on the telephone 30% of the time.

Answered promptly and gave correct information

Finally, you can get an old age deduction for your taxes when you reach the age of...

65-you are entering the age of retirement

The 2 problems with the CRA in the disaster of 2017 were.....

Hard to get on phone and incorrect answers

A T5 is given to a person who is ...

has investments and earns interest

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CANADIAN INCOME TAX QUIZ

23 termsStudBud Administration310 plays

A Quiz that will deal with income tax questions plus get into energy consumption

Flashcards23 cardsFPractice quizPHost liveL

Questions 23

Answers

1
What is the tax filing date for someone who is self-employed
April 15th
Feb 28th
June 15th
April 30th
2
What is the tax filing Deadline for the average Canadian with a job?
Apr 30th
April 15th
Feb 28th
May 15th
3
What do we pay in sales tax living in BC?
We only pay the basic PST of 7%
You can pay as much as 22% if you earn more than $100,000
3 taxes- 5% MSP, 7% PST and 5% GST- 17% total!
We pay the PST of 7% and the GST of 5%-12% in total
4
When we pay taxes, we still get deductions for...
Both sports and music
Neither sports or music. It's been cancelled
Musical fees for lessons and instruments
Sports activities paid
5
In 2018, the Federal government started improving tax breaks for....
people improving health and education
the self-employed
the sick and disabled
children and pets..
6
The word "outdated" is closest in meaning to.....
too old
too slow
Inefficient
understaffed
7
Why should you NOT do your taxes at the last minute?
You might not have enough time to do it right
It could be too late to get any help.
You could give yourself a stroke.
It could be a long time before receive your refund
8
What is the provincial tax rate on your first $40,000 in BC?
More than 10%
Around 5%
Between 7-8%
Only 2%
9
What is the problem with trying to file in late February?
You may not have received all of your receipts yet
It's too early; no one from the government is ready.
You won't have enough time to check your statements yet
The e-file service is not working yet.
10
You need to fill out a tax form if you are self-employed in Canada
You should see an accountant to see which form to use
No, just add your income to the T1-general form
You don't really need to fill out any forms as no one ever checks
Yes-you need to add your income on a separate form called T2125
11
You DON'T need to file a tax return unless..
You are expecting a tax refund
You owe taxes
You had no tax income that year
You neither owe nor are expecting a tax refund.
12
In 2018, what DIDN'T the CRA do for those waiting for help on the telephone 30% of the time.
Told people to call back later
Answered promptly and gave correct information
Told people to check the internet website
Bumped people out of the lineup
13
Finally, you can get an old age deduction for your taxes when you reach the age of...
45 -a middle aged deduction
75-you are getting elderly and you're falling apart
55-you're a senior
65-you are entering the age of retirement
14
what is the basic Canadian federal tax amount on your first $50,000?
Only 20%
Around 10%
More than 30%-terrible
About 15%
15
The 2 problems with the CRA in the disaster of 2017 were.....
Hard to get on phone and incorrect answers
Phone calls not answered & confusing information
Rude tax staff and silly information
No place to call and spoke in French
16
If you file your taxes manually, it could take as long as...to collect your refund.
3-4 weeks
No more than 2 weeks
8 long, long weeks
4-6 weeks on average
17
We only receive around ...... of our gross income after all deductions
63 %
57.5 %
33%
42.5 %
18
If you are unemployed, you will receive a ...
T4
T4A
T4E
T5007
19
Taxes done over the phone would be ideal for a person who...
has taxes that don't change much from year to year
has very uncomplicated taxes
has very complicated taxes
pays no taxes at all
20
There is a Canada Child Benefit of around .....per child per year if your child is between 7-16
Approximately $3500 per child
Over $5400 per year per child
Only about $1500 per year
Zero, it will show up in tax deductions
21
The word retroactive is closest in meaning to..
wanting to live in the past
the same thing happening each year
going back into the past
looking into the future
22
A T5 is given to a person who is ...
is injured or sick
is unemployed
retired
has investments and earns interest
23
You need to start with a T1 plus a variety of ........ to prepare your taxes
tax guides and online information
tax experts and accountants
2020 forms and schedules
former tax returns and knowledgeable relatives.

CANADIAN INCOME TAX QUIZ Flashcards | StudBud