Question 1 (1 point) Rental income includes income from renting : Question 1 options: Houses Apartments Space in an office building All of the above Question 2 (1 point) Rental income is income you earn from renting property that the taxpayer own. Question 2 options: True False Question 3 (1 point) The taxpayer can own the property by themselves or with someone else. Question 3 options: True False Question 4 (1 point) Under Accrual Basis Method : Report Rental income : Question 4 options: In the fiscal period they receive it In the fiscal period they earn it, no matter when you receive it. None of the above Question 5 (1 point) Under accrual basis method, deduct expenses related to rental property Question 5 options: In the fiscal period the taxpayer incur them, whether they pay them in that period. When the taxpayer has paid those expenses None of the above Question 6 (1 point) ´Incur usually means you either paid or will have to pay the expense Question 6 options: True False Question 7 (1 point) Expenses related to the rental property includes: Question 7 options: Advertising Repairs and Maintenance Property taxes All of the above Question 8 (1 point) Following advertising expenses in reference to the rental property are deductible: Question 8 options: Finder's fee Advertising in Canadian newspapers Advertising in Canadian television and radio stations. All of the above Question 9 (1 point) Taxpayer can deduct the following repairs and maintenance expenses in reference to the rental property Question 9 options: A) Value of their own labour B) Cost of labour and materials for any minor repairs or maintenance done to property they use to earn income C) Both A & B D) None of the above Question 10 (1 point) Taxpayers can deduct following utilities expenses, if the rental arrangement specifies that the taxpayers pay for the utilities of their rental space or units Question 10 options: Oil Water Electricity All of the above Question 11 (1 point) Taxpayer can deduct property taxes they incurred for their rental property for the period it was available for rent. Question 11 options: True False Question 12 (1 point) In reference to the rental property, support all purchases and operating expenses with : Question 12 options: Invoices Contracts Receipts All of the above Question 13 (1 point) The detailed records of all the rental income you (taxpayer) earn and the expenses taxpayer incur need not to be send along with the income tax. Keep them in case CRA ask to see them. ´ Question 13 options: True False Question 14 (1 point) Dividend Income includes Question 14 options: A) An Eligible Dividend B) Non-Eligible Dividend C) Both A & B D) None of the above Question 15 (1 point) An eligible dividend is any taxable dividend paid to a resident of Canada by a Canadian corporation that is designated by that corporation to be an eligible dividend. Question 15 options: True False

Answer rating: 100% (QA)

Question 1 Rental income includes income from renting All of the above Houses Apartments Space in an office building Question 2 Rental income is incom... View the full answer