Which of the Following Deductions Are Allowed as 'Other' Deductions

question 10

Multiple Choice

Which of the following deductions are allowed as 'other' deductions for tax purposes?

• A)Contributions to a child's RESP, fees for an appeal in relation to an assessment under the Income Tax Act, and contributions to an individual's RRSP
• B)Lump sum support payments to a former spouse, contributions to an individual's RRSP, and fees for an appeal in relation to an assessment under the Income Tax Act
• C)Support payments for a child, allowable moving expenses against income at the previous location, and child care expenses
• D)Contributions to an individual's RRSP, fees for an appeal in relation to an assessment under the Income Tax Act, and allowable moving expenses against income at the new location

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Definitions:

Market Quantity

The total amount of goods or services available for purchase within a specific market.

Consumer Surplus

The divergence in total potential expenditure consumers are ready to make on a good or service against actual expenses incurred.

Welfare Economics

A branch of economics that focuses on the optimal allocation of resources and goods and aims to evaluate social welfare.

Equilibrium Price

The cost point where the amount of a product or service sought by consumers matches the amount available from producers.