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Charitable Donation Tax Credits Quiz
8 Questions
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Charitable Donation Tax Credits Quiz

Created by
@TalentedKazoo

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Questions and Answers

What is Carole's monthly premium for the whole life policy?

  • $300
  • $200 (correct)
  • $150
  • $250

    • What is the cash value surrender (CSV) of Carole's policy?

  • $40,000 (correct)
  • $20,000
  • $50,000
  • $30,000

    • At what percentage does Carole receive a federal tax credit for charitable donations on the first $200?

  • 10%
  • 15% (correct)
  • 25%
  • 20%

    • What is Carole's adjusted cost base (ACB) of the whole life policy?

    <p>$30,000</p> Signup and view all the answers

    After assigning the policy to the organization, who becomes the owner and beneficiary of the policy?

    <p>Carole's favourite charity</p> Signup and view all the answers

    What is the federal tax credit percentage Carole receives for charitable donations on the remaining amount after $200?

    <p>29%</p> Signup and view all the answers

    What is Carole's monthly premium payment for the whole life policy?

    <p>$200</p> Signup and view all the answers

    If Carole's annual net income were to change to $80,000, how would this impact her charitable donation tax credit?

    <p>It would increase</p> Signup and view all the answers

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