8.1.1 Tax facts quiz

From Financial Consumer Agency of Canada

Governments use taxes on income, as well as other taxes, to fund a wide variety of public services, such as:

  • health care and education systems
  • roads, waterworks and other public infrastructure
  • police and fire departments
  • income support and other social services.

How much do you know about taxes?

Choose the best answer for the following questions:

1. In 2020, Canadians who contributed to Registered Retirement Savings Plans (RRSP) paid: (required)
2. If you sold stock market shares to earn a profit of $10,000, you would have to pay income taxes on: (required)
3. If your employer withheld $5,000 of your wages for income tax, you can: (required)
4. If you earned $45,000 last year, and put $5,000 into an RRSP, you can: (required)
5. If you contributed $1,000 to a registered charity, you would receive a tax credit (that is, a tax reduction) of: (required)
6. If you owed $5,000 on your income taxes and were six months late paying it, you could be subject to a penalty of: (required)
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