Past Exams
CGA-CANADA PERSONAL & CORPORATE TAXATION [TX1] EXAMINATION March 2012 Time: 3 Hours
Notes:
1. 2. 3. This examination is based on the Canadian Income Tax Act with Regulations (CCH 92nd Edition). Round all calculations to the nearest dollar, except price per share. The following items, applicable to the 2011 taxation year, are provided for reference: Federal Income Tax Rates — 2011 2011 Taxable Income Up to $41,544 $41,545 – $83,088 $83,089 – $128,800 $128,801 and over Personal Tax Credits 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Federal Marginal Tax Rate 15% 22% 26% 29% 2011
Single status — basic personal amount (paragraph 118(1)(c)).................................................................................. $ 1,579 Spouse or common law partner amount (paragraph 118(1)(a)) ................................................................................. 1,579 Eligible dependant (paragraph 118(1)(b)) Same as for spouse or common-law partner in (2) above. Infirm dependants 18 years of age or older (paragraph 118(1)(d)) ............................................................................ 642 The credit is reduced if dependant’s net income exceeds ......................................................................................... 6,076 Age amount — taxpayer is 65 years of age or over (subsection 118(2)) ................................................................... 981 Child amount (paragraph 118(1)(b.1) — each child under 18 320 Canada employment amount (paragraph 118(10) – lesser of 15% of employment income for the year and ............ 160 Medical expenses credit (subsection 118.2(1)) The threshold is the lesser of 3% of net income and ........................................................................................ 2,052 Mental or physical impairment (subsection 118.3(1)) ................................................................................................. 1,101 Caregiver — parent/grandparent (maximum)
Notes:
1. 2. 3. This examination is based on the Canadian Income Tax Act with Regulations (CCH 92nd Edition). Round all calculations to the nearest dollar, except price per share. The following items, applicable to the 2011 taxation year, are provided for reference: Federal Income Tax Rates — 2011 2011 Taxable Income Up to $41,544 $41,545 – $83,088 $83,089 – $128,800 $128,801 and over Personal Tax Credits 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Federal Marginal Tax Rate 15% 22% 26% 29% 2011
Single status — basic personal amount (paragraph 118(1)(c)).................................................................................. $ 1,579 Spouse or common law partner amount (paragraph 118(1)(a)) ................................................................................. 1,579 Eligible dependant (paragraph 118(1)(b)) Same as for spouse or common-law partner in (2) above. Infirm dependants 18 years of age or older (paragraph 118(1)(d)) ............................................................................ 642 The credit is reduced if dependant’s net income exceeds ......................................................................................... 6,076 Age amount — taxpayer is 65 years of age or over (subsection 118(2)) ................................................................... 981 Child amount (paragraph 118(1)(b.1) — each child under 18 320 Canada employment amount (paragraph 118(10) – lesser of 15% of employment income for the year and ............ 160 Medical expenses credit (subsection 118.2(1)) The threshold is the lesser of 3% of net income and ........................................................................................ 2,052 Mental or physical impairment (subsection 118.3(1)) ................................................................................................. 1,101 Caregiver — parent/grandparent (maximum)