Ontario Mortgage Agent Practice Exam

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Study for the Ontario Mortgage Agent Exam. Prepare with flashcards and multiple choice questions, each question includes hints and explanations. Get ready for your test!

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When would a Mortgage Agent need to obtain a T4A from an applicant?

  1. A) When the applicant is self-employed

  2. B) When the applicant receives commission income

  3. C) When the applicant provides rental income

  4. D) When the applicant has passive investment income

The correct answer is: B) When the applicant receives commission income

A Mortgage Agent would need to obtain a T4A from an applicant when they receive commission income because a T4A is a tax slip used for reporting income that is not from employment, such as self-employment income, commissions, and certain other payments. Options A, C and D are incorrect because they refer to sources of income that may require different tax slips, such as T4 or T776 for self-employed individuals, and T776 for rental income. Therefore, a T4A is only necessary when the applicant receives commission income, as noted in option B.

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