If You Are a Married Taxpayer Supporting a Spouse Who

question 18

Multiple Choice

If you are a married taxpayer supporting a spouse who has less than $12750 in taxable income,

• A)you must be the one to claim all tax credits.
• B)you are entitled to a spousal or common-law partner tax credit.
• C)you are entitled to a dependant partner tax deduction.
• D)your spouse will not be able to apply for the GST/HST refund.

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Definitions:

Generating Revenues

The process by which a company earns income through the sale of goods or services.

Expenses

Outflows or using up of assets, or incurring liabilities, as a result of operational activities intended to generate revenue.

Financial Statement

A summary report that quantitatively describes the financial health of a company, including balance sheets, income statements, and cash flow statements.

Accounts

Records that summarize financial transactions pertaining to a business entity’s assets, liabilities, equity, revenues, and expenses.