For Qualified Individuals, a Contribution to a Registered Retirement Savings

question 29

Multiple Choice

For qualified individuals, a contribution to a registered retirement savings plan (RRSP) will be

• A)a tax credit.
• B)a deduction from total income.
• C)an employment expense.
• D)a deduction from federal tax payable.

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Definitions:

Store Fixtures

Pieces of equipment or furniture used in a store to display products or support retail operations.

Gain on Sale

Gain on sale refers to the profit made from selling an asset for more than its book value.

Indirect Method

A method for creating the cash flow statement by modifying net income according to non-cash activities and fluctuations in working capital.

Operating Activities

Activities directly related to the principal revenue-producing activities of an entity, detailed in the cash flow statement.