Introduction to Federal Income Taxation in Canada 43rd Edition 2022-2023 Edition by Nathalie Johnstone , Devan Mescall , Julie Robson Test bank Sample
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Introduction to Federal Income Taxation in Canada 43rd Edition 2022-2023 Edition by Nathalie Johnstone , Devan Mescall , Julie Robson Test bank
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Introduction to Federal Income Taxation in Canada 43rd Edition 2022-2023
Edition by Nathalie Johnstone , Devan Mescall , Julie Robson Test bank Sample
9) ScarpyLtd., a public company and a manufacturer with a December 31 year-end. On January 1,
2022, the undepreciated capital cost for Class 10.1 was $17,850. The Class 10.1 car was purchased
in 2020 for $35,000. During 2022, it was sold for $21,000. A new automobile was purchased for
$40,680, which included HST of $4,160. ABC Ltd. is registered to collect and remit HST. What is
the maximum CCA allowed combined (rounded to the nearest dollar) for the two cars for 2022?
(a) $17,289
(b) $17,978
(c) $19,967
(d) $17,798
10) Jonas Laliberte is a self-employed therapist. He meets with all of his clients in his 400 square foot
home office. The entire house has a square footage of 2,400 square feet. Greg incurred the following
costs:
Utilities $1,600
House insurance 700
Business liability insurance 500
House maintenance 1,000
Mortgage interest 3,700
Property tax 1,100
Office supplies 500
What are the total expenses deductible from business income?
(a) $1,000
(b) $1,350
(c) $1,517
(d) $2,350
11) K Corporation Inc., a public company, owns a restaurant business that it carries on in rented premises.
The lease was signed January 1, 2021 and expires on December 31, 2026 (six years in total), and has
two successive renewal options for two years each. K Corporation Inc. had an opening balance in 2022
in Class 13 of $26,000 that resulted from $32,000 of leasehold improvements made during the 2021
taxation year. K Corp Inc. made an additional $14,000 of leasehold improvements to the same premises
during its 2022 taxation year-end which ends December 31, 2022. What is the maximum CCA that K
Corp. Inc. can claim in 2022 for its Class 13 assets?
(a) $3,000
(b) $7,000
(c) $6,000
(d) $9,000
12) During the 12-month period ended December 31, 2022 ABC Co., a CCPC, purchased a $40,000
(excluding tax of HST of 13%) passenger vehicle for use by its salesperson in conducting his
employment. What is the maximum capital cost allowance that ABC Co. can claim for 2022,
assuming that the company is a HST registrant (i.e., the company remits HST)?
(a) $15,300
(b) $38,420
(c) $20,340
(d) $34,000
13) In 2022, Alpha’s employer provided him with an employer-owned automobile costing $33,900
(including HSTof $3,900) for 12 months. His kilometres for personal use were 5,000 out of a total