Based on your study of this lesson, please choose the best answer.
1. Changing the use of a property from personal to business may result in an unexpected capital gain.
a) True b) False
2. Government grant revenue received to buy a piece of equipment can be used to offset the equipment cost for tax purposes.
3. Partnerships can choose their fiscal year end date.
4. Income splitting within a family unit can result in a substantial reduction of income tax owed.
5. The most relevant way for a woodlot owner to split income is by making spousal RRSP contributions.
6. When an individual is 65 and their income is greater than $108,000, he/she will have to repay all of his/her O.A.S.
7. Senior citizens receiving O.A.S. and thinking about selling their woodlot should consult with a Tax Advisor well in advance of the stumpage sale.
8. As a proprietor, your tax return is due to be filed by April 30th, and your tax payment is due by June 15th.
9. You have 6 months to file your corporate tax return.
10. You will be charged interest and penalties on late income tax payments.