Questions and Answers of Canadian Business And The Law

Which of the following prizes or awards is not taxable?a. A crystal paperweight worth $125 given to an employee for achieving 10 years of service to the companyb. Prizes from a television game showc.
Which of the following fringe benefits can be offered to only executives and remain excluded from employee gross income?a. Parkingb. Group term life insurance up to $50,000c. De minimis cafeteria
Yorick purchases a $10,000 bond with a 5 percent interest rate from Hamlet on March 31, 2022. The bond pays interest semiannually on June 30 and December 31. Prevailing interest rates have risen
Veruca’s employer offers both a dependent care flexible spending account (FSA) and a dependent care assistance program in which employees can receive occasional dependent care at no cost. In 2022,
In 2022, the limit for contributions to a health care flexible spending account is:a. $500b. $1,200c. $2,850d. $5,000
In which of the following situations is the value of employer-provided meals included in gross income?a. An employee that is not required to eat at the company cafeteria but often does. The majority
Taylor’s 2022 health insurance premiums of $7,800 are paid by her employer. During 2022, Taylor requires surgery on her vocal chords. The cost of the surgery is $10,000 and Taylor’s insurance
In 2022, Jonah’s employer pays $8,700 for health insurance premiums for Jonah, Jonah’s spouse, and Jonah’s three dependent children. Jonah has $100 per month withheld from his pay toward the
Which of the following is likely to indicate classification of a worker as an employee:a. The worker must provide their own tools and equipment.b. The worker can provide services at a location they
The classification of a worker as an employee or an independent contractor is:a. Made by the employerb. Made by the employeec. Based on a negotiation between the employer and employeed. Based on a
List four behavioral factors that could be used to classify a worker as either an employee or an independent contractor and provide a brief example.
Which of the following is included in gross income?a. Loansb. Scholarships for room and boardc. Giftsd. Health insurance proceedse. Child support payments received
In 2022, which of the following types of income is excluded from gross income?a. Unemployment compensationb. Income earned illegallyc. Dividends from foreign corporationsd. Corporate bond interest
In 2022, all of the following items are gross income to the taxpayer receiving them, except:a. Damages for personal injuryb. Hobby incomec. Embezzled fundsd. Gains from illegal activitiese. Gambling
Which of the following is excluded from gross income for income tax purposes in 2022?a. Commissionsb. Severance payc. Qualified dividendsd. Unemployment compensatione. Life insurance proceeds
The definition of gross income in the tax law is:a. All items specifically listed as income in the tax lawb. All cash payments received for goods provided and services performedc. All income from
To arrive at adjusted gross income (AGI), deduct _________ from gross income.a. From AGI deductionsb. The greater of the standard deduction or itemized deductionsc. The qualified business income
What are the reputational costs to Maple Lodge Farms for its recent convictions and how can those be managed?
What is the function of law?
The law is sometimes made subject to the criticism that it does not necessarily forbid unethical behaviour and is therefore too narrow in scope. What is the relationship between ethics and law? Are
Sam owns a small gas station in Alberta. He is very angry that a customer has failed to pay her outstanding account with his business, despite numerous reminders from him and promises from her to do
What kinds of dangers are posed by drones?
How does the law offer protection?
Peter is a fudge maker of some renown and obviously requires a reliable supplier of sugar. His current sugar supplier has been very dependable but recently, is delivering late—sometimes days at a
How can parties resolve a business dispute without going to court?
This man said that he had been locked in a car trunk over a debt owed to his attackers. He was freed by firefighters. How is this method of dispute resolution inconsistent with the values informing
In what ways does the law facilitate certainty in the marketplace?
Courthouses throughout the world, including in Canada, sometimes feature a statue of a woman who represents or symbolizes justice. In certain examples, she is blindfolded and carrying both a sword
Does the nature of the business relationship affect the enforcement of legal rights?
Because tanning beds are a cause of melanoma or skin cancer, the vast majority of Canadian provinces have legislation regulating their use. One common model that the legislation follows is to require
A businessman who worked in the dry-cleaning business for almost three decades received a jail sentence for repeatedly breaching environmental protection laws related to the improper storage of a
How does the law resolve disputes?
Was it a good idea for Maple Lodge Farms (discussed in the Ethical Perspectives Box in this chapter) to fight charges under the Health of Animals Act for failing to prevent undue suffering by
How does contract law facilitate interactions?
Why should a business put a legal risk management plan in place?
Why is it important that certain activities, such as the recreational use of drones, be regulated?
What is the role of business ethics?
Through the Healthy Menus Choices Act, 2015 SO c 7, Ontario has recently enacted legislation to fight childhood obesity, among other goals. This Act requires all food-service chains with 20 or more
Some customers are unhappy with display bans, including Rene LaPointe. “It’s just another law for the government to throw at us,” says LaPointe. “They’re treating the adults like
What is the key idea upon which the Canadian Constitution is based?
Women pay higher prices for certain products and services compared to what men are charged—from dry-cleaning to haircuts. This is known as gender-based pricing. Is gender-based pricing
Is vaping harmful?
What does “jurisdiction” mean?
This image depicts Barb Tarbox who died of lung cancer caused by smoking. She was so addicted to cigarettes that she continued smoking until her death. One of her final wishes was that her dying
Why is the constitutional recognition of aboriginal rights so important? For example, in what ways can this recognition advance reconciliation of Indigenous and non-Indigenous peoples in Canada?
Which document determines whether a government has the jurisdiction to pass a law or not?
Several provinces have passed legislation that restricts the sale of violent video games to children.How could this legislation be challenged under the Charter? Explain. Are there any ethical
What is the doctrine of paramountcy?
Do you think that the Charter strikes a good balance between protecting the rights of individual citizens and allowing governments to legislate for the benefit of larger groups, or even all members
Which level of government does paramountcy seem to favour?
How does the authority of a municipal government come into existence?
How is the executive branch different from the legislative branch?
What is the common law? Who creates it?
What is the Canadian Charter of Rights and Freedoms?
What can a judge do if he determines that a piece of legislation is unconstitutional?
Describe aboriginal rights and treaty rights. How are these rights protected?
Which Canadian province operates under a civil law system?
What is the role of equity?
What is one important function of administrative law?
What is meant by the preventive and reactive approaches to legal issues in a business?
Ransomware is malware (malicious software) that locks a user’s computer or files and demands a ransom to lift the restriction. Typically the ransom demand is in bitcoin, a virtually untraceable
How should a business respond to a breach of data?
What is the primary goal of a legal risk management plan?
Risk reduction is a strategy for managing risk. When is it the most appropriate strategy for managing a risk? What are some examples of risk reduction?
Northcliffe Resources Ltd. of Vancouver and Todd Minerals Ltd. of New Zealand have entered into a partnership to build in New Brunswick one of the world’s largest mines for tungsten and molybdenum
What are the legal risks from mining operations?
How does a legal risk management plan relate to enterprise risk management?
A major legal risk for business is a cybersecurity breach that results in the disclosure of customers’ and /or employees’ personal information. The loss in sensitive health, personal
A customer of Fido, a subsidiary of Rogers Media, gave his cellphone to his 11-year-old son during a family holiday in Mexico. The father put the phone on airplane mode so his son would not incur
What is the value of a legal risk management plan?
A legal risk management plan is a tool for business to manage its interactions with the law and legal issues. Its purpose is to minimize the impact of legal risks on the business by identifying and
Vancouver-based retailer Lululemon experienced a problem with its $100 black Lululemon yoga pants. They were too sheer, they pilled easily, and customers were returning them. Chip Wilson, founder of
What steps are involved in the legal risk management model?
Drake International, a Canadian job placement firm, has been a victim of a hacking scheme. The hackers stole a database containing the names, email addresses, phone numbers, and passwords of over 300
How can a business identify its legal risks?
An article in The Lawyers Weekly, a leading legal publication, is entitled “Corporate counsel key to risk management.” Do you agree with that statement? How can lawyers contribute to risk
Siena Foods Ltd., located in Toronto, Ontario, is a manufacturer and distributor of prepared meat products. In 2010, the Canadian Food Inspection Agency and Siena Foods issued a health hazard alert
What legal risks are posed by technology?
How is breach of privacy a legal risk? What are the costs associated with a privacy breach?
JetBlue is an American low-fare airline. In 2007, its operations collapsed after an ice storm hit the East Coast of the United States. The storm led to the cancellation of over 1000 flights in five
How can a business evaluate its legal risks? What is the purpose of evaluating legal risks?
What is the best strategy for managing legal risks?
What is an example of risk retention? When is this strategy most appropriate?
What is an example of risk avoidance? When is this strategy most appropriate?
What procedures are necessary to implement a risk management plan?
How can a business keep its risk management plan current and relevant?
What are some of the legal risks in doing business internationally? How can these risks be managed?
How does the management of a legal crisis differ from managing legal risks?
When should a business seek legal advice?
What is the role of lawyers in legal risk management?
The current income tax system is:a. Designed solely to raise money for the governmentb. Authorized by the founding fathers when the government was formedc. Not designed with social objectives in
The amendment to the United States Constitution that authorized the federal income tax is:a. Thirteenth Amendment in 1865b. Fourteenth Amendment in 1868c. Sixteenth Amendment in 1913d. Twenty-first
List three major purposes of the tax system.
Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2022, they have a total of $42,000 in wages and $300 in interest income. Rahul and Ruby’s deductions for
Which of the following tax forms are used by individuals in 2022?a. 1040Ab. 1040-EZc. 1040-SRd. 1120
Typically a partnership reports its taxable income or loss on:a. Form 1040b. Form 1120c. Form 1040Xd. Form 1065
On which of these would capital gain income be reported?a. Schedule 1b. Schedule 2c. Schedule 3d. Form 1040
Which of the following entities is not likely to be a tax-paying entity?a. A single taxpayer over the age of 65b. A single taxpayer under the age of 65c. A corporationd. A partnership
Which of the following is a deduction for adjusted gross income in 2022?a. Personal casualty lossesb. Medical expensesc. Student loan interestd. Mortgage intereste. None of the above
All of the following are itemized deductions in 2022 except:a. Charitable contributionsb. Deductible IRA contributionsc. State and local taxesd. Medical expensese. All of the above are itemized

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