Think you know your taxes Test your knowledge with this tax quiz

Think you know your taxes? Test your knowledge with this quiz.Question: How long do I need to keep receipts and records?A) Three yearsB) Four yearsC) Five yearsD) Six yearsAnswer: The Canada Revenue Agency says you should keep any receipts and documents for at least six years after you file your return. If the government decides to review your return, you will need them to back up your claims.Question: Which of these is not a deductible medical expense?A) Dentures and dental implantsB) Electrotherapy devicesC) Laser eye surgeryD) Blood pressure monitorAnswer: Blood pressure monitor is not an eligible medical expense.What we mean when we talk about the ‘tax rate’ — and how to figure out what yours isHow the wealthy can beat Ottawa’s new rules by becoming low-income to save big on their taxesThree things the CRA has done to streamline this year’s income tax filing processQuestion: When do you have to pay your taxes by?A) April 15B) April 30C) May 2D) June 15Answer: The deadline is April 30, but because it falls on a Saturday this year, the Canada Revenue Agency is giving you until May 2 to pay any tax you may owe this year.Question: How many years do you have to repay money borrowed from your RRSP to help buy your house?A) Five yearsB) 10 yearsC) 15 yearsD) 20 yearsAnswer: You have up to 15 years to repay the amount taken out of your RRSP to help buy your house. If you repay less than the required annual amount for the year, you have to include the difference on your tax return as income.Question: What is the immediate penalty if you owe the Canada Revenue Agency money and you file your tax return late?A) Two per centB) Five per centC) Seven per centD) 10 per centAnswer: The immediate penalty is five per cent owing on the due date. An additional one per cent is added for each full month that your return is late to a maximum of 12 months. However, if you were charged the late-filing penalty for 2012, 2013 or 2014, the late filing penalty may be 10 per cent, plus two per cent for each full month.Question: What percentage of individuals filed their tax returns online last year?A) 79 per centB) 82 per centC) 86 per centD) 92 per centThe Canada Revenue Agency says 82 per cent of people filed their tax returns online.


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