Tax Quiz

🍁 What’s Your Tax IQ?🍁

Think you’ve got a handle on Canadian taxes?
Take the Nguyen Scott 9 Question Tax IQ Quiz to test your knowledge on everything from deductions to deadlines!

1 / 9

What is the basic personal amount for the 2024 tax year in Canada?

$12,000

$13,229

$14,398

$15,000

2 / 9

Which of the following must be reported as income on your Canadian tax return?

Gifts from family members

Inheritance money

Employment insurance benefits

Lottery winnings

3 / 9

What is the purpose of the Canada Child Benefit (CCB)?

To provide financial assistance to families with children under 18

To offer tax credits for childcare expenses

To subsidize post-secondary education costs

To fund extracurricular activities for children

4 / 9

Which of the following statements about the Tax-Free Savings Account (TFSA) is true?

Contributions are tax-deductible

Withdrawals are considered taxable income

Unused contribution room can be carried forward to future years

There is no limit to how much you can contribute each year

5 / 9

If you fail to file your income tax return on time and have a balance owing, what is the penalty?

5% of your balance owing, plus 1% of your balance owing for each full month your return is late, up to a maximum of 12 months

10% of your balance owing

No penalty, just interest charges

A flat fee of $100

6 / 9

Which of the following expenses is not eligible for the medical expense tax credit?

Prescription medications

Over-the-counter vitamins

Dental services

Hearing aids

7 / 9

What is the deadline for most individuals to file their personal income tax return in Canada?

February 28

March 31

April 30

June 15

8 / 9

Which of the following is considered taxable income in Canada?

Lottery winnings

Gifts and inheritances

Employment Income

Canada Child Benefit Payments

9 / 9

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The average score is 71%

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