Question

What is the CCB boundary for no taxback? When is the taxback rate 7%? When is it 3.2%?

A. CCB boundary: $30,000; Taxback rate 7%: $60,000; Taxback rate 3.2%: $80,000.
B. CCB boundary: $40,000; Taxback rate 7%: $50,000; Taxback rate 3.2%: $70,000.
C. CCB boundary: $20,000; Taxback rate 7%: $70,000; Taxback rate 3.2%: $90,000.
D. CCB boundary: $50,000; Taxback rate 7%: $40,000; Taxback rate 3.2%: $60,000.

Answer 1

The CCB boundary for no taxback is $30,000. The taxback rate is 7% for income above $60,000 and 3.2% for income above $80,000.

Step-by-step explanation:

The CCB (Canada Child Benefit) boundary for no taxback is $30,000. This means that if a family's income is below $30,000, they will not have to pay any taxes back.

The taxback rate of 7% applies when a family's income is above $60,000. This means that the family will have to pay back 7% of their income above that amount.

The taxback rate of 3.2% is applicable when a family's income exceeds $80,000. In this case, the family will have to pay back 3.2% of their income above $80,000.