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Six-year-old John scores 50 on the Stanford-Binet test. Which of the following is also necessary to classify him as "mentally retarded"?
Tax Deductible
Expenses that can be subtracted from gross income to reduce the taxable income, thus lowering the overall tax liability.
Capital Cost Allowance (CCA)
A tax deduction in Canada that represents a business's investment in depreciable properties, allowing for the asset's cost to be written off over its useful life.
Taxable Income
The amount of an individual's or a corporation's income used to determine how much tax is owed to the government in a given tax year.
Fixed Assets
Assets of a long-lasting nature involved in business operations, which are not anticipated to be expended or turned into cash quickly.
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