An Importer Always Has the Option to Cancel an Irrevocable

question 66

True/False

An importer always has the option to cancel an irrevocable letter of credit.

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Definitions:

CCA Class

Refers to the categories under the Canadian tax system specifying the depreciation rate that can be claimed on assets for tax purposes.

Tax Shield

A reduction in taxable income for an individual or corporation achieved through allowable deductions such as mortgage interest, medical expenses, or depreciation.