Tax Trivia: Do You Know Your Tax Danger Zones?

Just how good is your tax knowledge these days? Are you up for a little year-end tax test to see just how much you need to “shake out the cobwebs” before tax season 2016?  Here’s how it works: tell us the significance of these numbers that will appear on the 2015 T1 Return: $2093, $7033, $7899, $11,327, $15,255, $25,370, $35,466, $72,809 and $140,944.

Give up? Okay, the answers appear below. If you like tax quizzes, you’ll find more in the newly published Family Tax Essentials: How to Build a Wealth Purpose with a Tax Strategy. This book makes a great Christmas or New Year’s gift for your clients and your family. A special bulk order purchase opportunity is available now and shipping is always free.

Also, participate with your professional peers for much more fun with tax numbers, “dark horses” and planning concepts at the DAW January T1 Advanced Tax Update! Sign up before December 31 to ensure your spot.

THE ANSWERS TO TODAY’S TAX QUIZ ARE:

• $2093 – this is the family caregiver amount
• $6700 - the amount for infirm dependants over age 18
• $7033 – the age amount
• $7899 – the disability amount
• $11,327 – the basic personal amount
• $15,255 – the adoption amount
• $25,370 – the RRSP dollar maximum for 2016
• $35,466 – the age amount
• $140,944 – the maximum amount of 2015 earned income required to contribute the maximum to the 2016 RRSP

Stay tuned for more Knowledge Bureau Tax Trivias in future editions of Knowledge Bureau Report!

Additional Educational Resources:  Update as a team – make sure everyone in your office has invited themselves in to Knowledge Bureau Report.

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