Personal Taxes T1

By root_jvvzcp9r Self Evaluators

Self Assessment Evaluation of your Personal Taxes T1 Knowledge

 

With more than 26 million of Canadians that file income tax returns every year, you want to acquire this skill if you want to start your own tax practice, new to Canada or you are a student.
  • This quiz is intended as a self assessment to test your knowledge and areas of improvement. There are 10 questions MCQ’s (multiple choice questions)
  • Choose your answer to the question and click "Next" to see how you did.
  • Each correct answer will give you a point and you will be able to see your percentage scored at the end.

When you have completed the test, click 'See Result' to see your results. Good luck!

Self Evaluation of Your Personal Taxes T1 Knowledge

At the end of Quiz, Get Results, instantly!

1 / 10

Which of the following lowers your taxable income?

2 / 10

A TFSA (Tax-Free Savings Account) allows for tax-free growth of investment income and capital gains from qualified investments, which means you won't be taxed on withdrawals.

3 / 10

You make $1 million a year. Which province or territory has the highest marginal tax rate for people at your income level?

4 / 10

Which of the following actions carries the stiffest CRA penalty?

5 / 10

Which of the following payments require that tax be withheld at source?

6 / 10

Which of the following generates a deduction rather than a tax credit?

7 / 10

Do students or seniors with low or no income need to file their taxes?

8 / 10

Do small businesses need to hire a Certified Public Accountant to prepare their taxes?

9 / 10

You can deduct capital losses on investments in your TFSA or RRSP account on your tax return.

10 / 10

You have been given $400 to pay for something you consider worthwhile. Assuming you have a taxable income of $50,000, which of these would give you the biggest tax break?

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