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H&R Block - Chapter 1 Exam Questions and Answers (Latest 2026)

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H&R Block - Chapter 1 Exam Questions and Answers (Latest 2026)

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H&R Block - Chapter 1 Exam Questions
and Answers (Latest 2026)
Tax Due Date - Correct Answers ✅April 30th, May 1st you
start incurring interest and a penalty. OR June 15th if self-
employed, but May 1st is still interest.


Reasons to file even if no income - Correct Answers ✅Child
care benefit, HST/GST, Trillium, Carbon Tax Credit, tuition
credits, old age security, if you're unsure and want to avoid
future possible interest


How many years back can you file? - Correct Answers ✅1 0
years


How many years should you keep tax information for? -
Correct Answers ✅6 years


What is capital gains tax? - Correct Answers ✅When you
sell property, taxed at 50%


Date of residence is based on which date? - Correct
Answers ✅December 31st


Is Canada taxed by residency or citizenship? - Correct
Answers ✅Residency


Advantage of self-assessing system - Correct Answers
✅Privacy because only giving out what is strictly required,

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