10 Questions
What is the maximum deduction for qualified small business corporations in 2019?
Lower than the maximum deduction for qualified family farm corporations
Which of the following transactions could result in the taxpayer being able to make a lifetime capital gains deduction?
An individual sells 100% of the shares of a CCPC that uses 85% of its assets in an active business
Which statement about the lifetime capital gains deduction is NOT correct?
The deduction is only available to corporations
Which of the following is NOT a requirement for a business to qualify as a qualified small business corporation?
The shares must have been owned by a non-related individual in the past 24 months
Under ITA 111.1, which of the following deductions would be deducted last when computing Taxable Income for an individual?
Northern residents deduction
What type of losses can be deducted as Allowable Business Investment Losses?
Losses from disposition of shares or debt in a Canadian controlled public corporation
If Allowable Business Investment Losses are not used in the current year, where are they added?
To the non-capital loss balance
Which statement about Allowable Business Investment Losses is NOT correct?
They can be deducted against any source of income
What is correct regarding the lifetime capital gains deduction?
Net capital loss carryovers should be deducted before using the deduction
What adjustment is made to the annual gains limit for the lifetime capital gains deduction?
It is reduced by the amount of the individual's CNIL
Test your knowledge about Allowable Business Investment Losses with this multiple-choice question. Select the correct statement from the options provided.
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