What item would NOT be included as part of a statement of lifestyle expenditures?

• interest expense on a car loan
• interest expense on the mortgage on a principal residence
• interest expense on the mortgage on a rental property
• interest expense on outstanding credit card balances

  

Q. When Ron turned 15 years of age, his father gave him 20% of the shares in the family's Canadian-controlled private corporation. During the first year, Ron received a dividend income of $15,000 from the corporation. What statement is true?

• The dividend income will be taxable to Ron's father.
• The dividend income will be taxed at the lowest federal marginal tax rate.
• Ron cannot claim the personal tax credit to offset taxes on the dividend income.
• The dividends will not be eligible for the federal dividend tax credit

Answer rating: 100% (QA)

interest expense on the mortgage on a principal residence you only ... View the full answer