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Quiz: Information slips

6 questions

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1 A taxpayer never received a slip for some income and concludes it need not be reported. Incorrect, but only where the amount exceeds a threshold Correct, provided the payer confirms no slip was filed Correct — the slip is what creates the reporting obligation Incorrect — the obligation to report income does not depend on receiving an information slip

Answer key unconfirmed — rests on 2 unverified claims.

2 Match the slip to what it reports. Which pairings are correct? Select all that apply.

Select all that apply.

T5008 — securities transactions T3 — trust income allocations and designations T4A — employment income for employees without a T4 T4 — employment income and amounts withheld T2202 — tuition T4E — Employment Insurance benefits T5 — interest, dividends and certain other investment income

Answer key unconfirmed — rests on 5 unverified claims.

3 A taxpayer is ready to file in early March but has no T3 yet. What should she understand? T3 slips are commonly issued later than the end of February, because a trust must first determine its allocations T3 income is reported in the following tax year T3 slips are issued only on request The T3 was missed and she should file without it

Answer key unconfirmed — rests on 2 unverified claims.

4 When does the repeated failure to report income penalty apply? On a first omission where the amount exceeds a threshold Where a taxpayer omits income in a year and also omitted income in any of the three preceding years Only where the omission was deliberate On any second omission, in any two years

Answer key unconfirmed — rests on 1 unverified claim.

5 A slip reports the wrong amount. How is it corrected, and what is the effect? The issuer files an additional slip for the difference The recipient files Form T1-ADJ to correct the slip The issuer files an amended slip with CRA, and the amended slip replaces the original rather than adding to it The recipient corrects it on their return; no slip change is needed

Answer key unconfirmed — rests on 2 unverified claims.

6 A taxpayer's return was assessed as filed, and months later CRA raises an unreported slip. How is that possible? CRA cannot raise a slip after assessment CRA matches amounts reported on returns against the slips it holds, and this matching commonly occurs after assessment The assessment must have been issued in error The payer filed the slip late, so the taxpayer has no liability

Answer key unconfirmed — rests on 2 unverified claims.

Unanswered questions are marked wrong. There is no partial credit.