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Quiz: What a taxpayer can do in My Account

5 questions

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Answer every question. Select-all questions are marked all-or-nothing — ticking every box scores zero, not partial credit.
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1 A taxpayer contributed to her TFSA last week and says the contribution room shown in My Account is clearly wrong. What should she understand? The figure updates in real time, so the discrepancy means her issuer did not process the contribution The figure is wrong and should be reported for correction CRA calculates room from information TFSA issuers file periodically, so recent contributions or withdrawals may not be reflected TFSA room is only ever shown as at January 1 and never changes during a year

Answer key unconfirmed — rests on 3 unverified claims.

2 How is an excess TFSA contribution taxed? A one-time charge when the excess arises A tax charged for each month the excess remains in the account There is no tax; the contribution is simply refused by the issuer It is added to income for the year

Answer key unconfirmed — rests on 1 unverified claim.

3 Which of these can an individual do through My Account? Select all that apply.

Select all that apply.

Add or update direct deposit information File an objection on behalf of a business Request a change to an already-filed return View and cancel authorised representatives Report a change in marital status Change their address

Answer key unconfirmed — rests on 5 unverified claims.

4 A member of a pension plan asks why the RRSP deduction limit shown in My Account is lower than he expected. What is the mechanism? The limit is reduced by the amount he contributed to the pension plan Employer pension contributions are deducted from the limit as they are made Pension plan members receive a fixed reduced limit A pension adjustment reported by his employer reduces his RRSP deduction limit for the following year

Answer key unconfirmed — rests on 2 unverified claims.

5 Which of these does My Account display? Only the current year's notice of assessment Notices of assessment and reassessment The taxpayer's banking transactions used for direct deposit Draft returns prepared in certified software

Answer key unconfirmed — rests on 1 unverified claim.

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