Week 3 Testing Flashcards
(7 cards)
1
Q
Is deductions worth more to higher income earners or lower income earners?
A
Higher Income Earners
2
Q
How can you transfer tuition credits?
A
You can transfer the remaining amount of credits for a previous year up to the maximum amount to the following year
3
Q
What form contains the Federal Non Refundable tax credits?
A
Schedule 1 (S1)
4
Q
Beyond credits for education and textbooks, is there a tuition credit?
A
Yes.
5
Q
What form shows you the Ontario Tax Brackets?
A
ON428
6
Q
What tax rates are FED and PRON nonrefundable tax credits based on?
A
15% Fed, 5.05% Ont
7
Q
If a student pays $4,700 for tuition what is the FED tuition credit for them?
A
4,700 (0.15)= 705
