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Cheryl Is Claimed as a Dependent on Her Parents' Tax

question 59

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Cheryl is claimed as a dependent on her parents' tax return.She had a part-time job during 2014 and earned $4,900 during the year,in addition to $600 of interest income.What is her standard deduction?


Definitions:

CICA Handbook

The Canadian Institute of Chartered Accountants Handbook, containing standards and guidelines for accounting and auditing practices in Canada.

ASPE

Accounting Standards for Private Enterprises; a set of accounting principles designed specifically for private companies in Canada.

PSAB Recommendations

Advisory statements and guidelines issued by the Public Sector Accounting Board, which influence the accounting and financial reporting practices within the public sector.

Professional Financial Preparers

Individuals with specialized knowledge and skills in preparing financial records and statements in accordance with applicable standards.

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