TAKE THE MACKENZIE FINANCIAL GREAT CANADIAN TAX TEST AND SEE HOW YOU SCORE!

When it comes to tax knowledge, Canadians just aren't making the grade. On a recent Mackenzie Financial Great Canadian Tax Test conducted for Mackenzie by Leger Marketing, the average Canadian was only able to answer 3 out of 10 questions correctly!

Sandy Cardy, Senior Vice President of Tax and Estate Planning for Mackenzie Financial said "There have been many tax modifications that can help put money back in our pockets. Canadians should speak to a financial advisor to make sure they are taking full advantage of the newly allowed deductions and credits."
Take the test yourself and answer the 10 True or False questions and see how you score.

If you did not score a perfect 10 chances are you are not taking full advantage of the all the deductions available to you - that means less refund money in your pocket!

                                       Call or e-mail us - we can help answer your questions.

Mackenzie Financial Great Canadian Tax Test - Sep/Oct 2007

Choose "True" or "False" to the following 10 statements:

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

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

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."
 a) True
 b) False

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

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."
 True
 False

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

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

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."
 True
 False

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."
 True
 False

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."
 True
 False

Close Window or Try Again