Canadians and Tax Knowledge

Mackenzie Financial recently released at 10 question quiz to test Canadians and their knowledge of tax in Canada.

Here it is:

Take the Quiz:

1. "You are only allowed to contribute to a Registered Retirement Saving Plan (RRSP) up to the age of 69."

2. "The limit to what I can contribute to my child's Registered Education Savings Plan (RESP) each year is $4,000."

3. "A 65-year-old may allocate up to 50% of their Registered Retirement Income Fund (RRIF) income to their spouse or common law partner."

4. "If a parent transfers an asset into joint ownership with an adult child, future income taxes are split 50/50."

5. "You can pay for an adult child to take care of younger children in your household and deduct the cost of child care expenses."

6. "Net capital losses realized in a given year may be carried back to any of the three preceding tax years."

7. "You can reap the benefits of a donation to a charity on your 2007 tax return provided the donation is made by March 1, 2008."

8. "If I redeem or sell units of my non-registered mutual fund in 2007, I will have to include 50% of any realized gain in my 2007 tax return."

9. "If I donate publicly listed stock, for example BCE stock, to charity, I can avoid paying tax on the capital gain no matter how long I've held it."

10. "I can claim a tax credit for 2007 of up to $500 for each child under 16, who registered this year in a qualified physical activity."


Email me and I will send you the answers. The average wound up being 3 out of 10. This has been equated to the ever changing and complex Canadian tax system.