Tax1 Test2Nov08.doc

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Question 1: (10 Marks) Answer the following questions:
a) Under what circumstances is an individual entitled to a home
relocation loan deduction? How is the amount of the deduction
calculated?
b) Under what circumstances can a taxpayer deduct the ITA 118(1)
(b) credit for an eligible dependant?
c) What tax credits can be transferred from one spouse to the other
spouse? (List three credits)
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d) Which of the following items result in tax credits? Circle the correct
ones.
Tuition
Medical
Automobile Expenses
Home Office Expenses
Employment Insurance payments
Donations
e) What is the age when an individual is eligible for the age tax credit?
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