Question 1: Explain the difference between an ABIL, a year end operating loss, and a business that is sold at a loss and how each would affect a clients Income Taxes.
Question 2: An income tax couple is confused between property taxes and income taxes and asks their accountant, to explain the difference to them. What's the answer.
Question 3: How would to handle a client who after the accountant have completed their Income tax return and told them that they owe money; they responded with, "I'm not leaving here until I get a refund, sharpen your pencil"
Question 4: Five reasons how a small business could struggle and why a tax preparer is in a good position to see the potential collapse coming?
Question 5: Meal Deduction: as a truck driver who left home terminal in Toronto last year on August 2nd 2021 at 3pm for a cross Canada delivery arriving back in Toronto August 15th 2021 at 11am. Using the simplified method what is the meal deduction that he would claim on his 2021 tax return.