Identify the Correct Statements I

question 53

Multiple Choice

Identify the correct statements I.Tax deductions are more valuable to a high income earner than tax credits.
II) RESPs are excellent income splitting vehicles for families with young children.
III) Students can deduct moving expenses when they move back home to take up a summer job.

• A)I and II, only
• B)II and III, only
• C)I and III, only
• D)I, II and III
• E)I only

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Definitions:

Toronto Stock Exchange

Canada's largest stock exchange, located in Toronto, Ontario, where stocks, bonds, and other securities are bought and sold.

Public

The general population or community at large, often referenced in the context of public companies, public offering, or information accessibility.

Contributed Surplus

The amount of money in excess of the par value of shares that shareholders have contributed to a company.

Retained Earnings

Profits that a company has earned to date, less any dividends or other distributions paid to shareholders, often reinvested into the business.