The Totals of EI, CPP and Income Tax Deducted Reported

question 12

True/False

The totals of EI, CPP and Income Tax deducted reported on the T4 Summary must agree with the total of the deductions of CPP, EI and Income Tax reported on the employee's T4s.

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Definitions:

Perfectly Elastic

This term refers to a situation in demand or supply where the quantity demanded or supplied responds infinitely at a particular price level.

Excise Tax

A type of tax imposed on specific goods, services, or transactions, often with the intent of discouraging their use or consumption, or to raise revenue.

Downward-Sloping

A term typically used in economics to describe a curve or line on a graph that represents a decrease in one variable as another variable increases, often used to describe demand curves.

Excise Tax

A specific tax levied on the sale of a particular good or service, typically to discourage its consumption or to raise revenue.