pg 93

Question 1

As a business you have ______ from the end of your fiscal year to file in order to avoid
penalties.

Answer 1

90 days

Question 2

The legal requirement is ____ years from the end of the last taxation year (__ years in total,
including the last taxation year)

Answer 2

six

(7 years in total)

Question 3

the employer must also match that amount (____% of employee
premium) as a contribution to CPP for the employer’s payment

Answer 3

100%

Question 4

Employment Insurance ___% of the employee’s premium

Answer 4

140%

Question 5

vacation pay is _%, for the first 5 years of employment.

Answer 5

4%

Question 6

Therefore, a quick method calculation to determine the actual cost to an employer of an
employee is:

Answer 6

Hourly rate x 1.20 = Estimated Annual Hourly Rate Cost

Question 7

Credit card processing fee for______. The level of this fee is established at the
time you contract for the services and the percentage charged will depend on your likely
volume and the estimated size of each transaction. For ease of budgeting allow up to _%
in costs for each transaction.

Answer 7

each transaction

5%

Question 8

Banks review all lines of credit _________

Answer 8

annually