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National Payroll Institute Payroll Fundamentals 1Exam Sample Questions (Q73-Q78):

NEW QUESTION # 73
When is the government-prescribed rate of interest set?

A. Annually
B. Each calendar quarter
C. The first of each month
D. Semi-annually

Answer: B

Explanation:
The CRA's prescribed interest rates are established for specific periods labelled by calendar quarter (for example, "first calendar quarter 2026"), and CRA publishes the rate schedule by quarter.
This prescribed rate is used in multiple tax contexts, including calculating taxable benefits on certain interest- free or low-interest employee/shareholder loans, and it also relates to interest charged/paid by the CRA on overdue amounts and overpayments (with different rates for different situations).
Because CRA's publication is organized and effective by quarter (e.g., Jan 1-Mar 31; Apr 1-Jun 30; Jul 1- Sep 30; Oct 1-Dec 31), the correct answer is each calendar quarter (option D), not monthly, semi-annual, or annual.

NEW QUESTION # 74
Which pension plan requires the services of an actuary to study and forecast future needs of the plan to ensure the plan remains sufficiently funded to provide employees with their retirement benefits?

A. Defined contribution pension plan
B. All of the above
C. Registered Retirement Savings Plan
D. Defined benefit pension plan

Answer: D

NEW QUESTION # 75
In which province or territory is the employer-paid premium for private health insurance coverage that includes dental and prescription coverage considered to be a non-cash taxable benefit?

A. British Columbia
B. Quebec
C. Yukon
D. Ontario

Answer: B

Explanation:
In Quebec, employer-paid premiums (contributions) to a group insurance plan, including a private health services plan (which commonly covers items like dental and prescription drugs), are treated as a taxable benefit for the employee for Quebec purposes. Revenu Quebec explicitly states that contributions (premiums) an employer pays under a group insurance plan for coverage received by an employee constitute a taxable benefit.
Because the employer is paying the premium directly to the insurer (the employee receives coverage rather than cash), this is treated as a non-cash taxable benefit in payroll classification terms. The payroll impact is that this taxable benefit must be included in the employee's Quebec taxable income and reported on the RL-1 (and handled according to Quebec source deduction rules).
Outside Quebec, employer-paid health/dental plan premiums are generally not treated the same way for provincial taxable benefit purposes, which is why the correct answer among the options is Quebec.

NEW QUESTION # 76
An employee who lives in Ontario and reports to work at a permanent establishment of the employer in Quebec will have income tax deducted based on which province?

A. Ontario & Quebec
B. Employee's choice
C. Quebec
D. Ontario

Answer: C

Explanation:
For payroll deductions, the key concept is the employee's province of employment (POE)-not where they live. The CRA states that the POE is determined primarily by the employer's establishment where the employee "reports for work." If an employee reports for work at an employer's establishment located in Quebec, then the POE is Quebec, even if the employee's province of residence is Ontario.
This matters because Quebec has distinct payroll requirements. The CRA notes that when the POE is Quebec, employers must apply Quebec-based payroll rules, including deducting Quebec Pension Plan (QPP) contributions instead of CPP, and deducting Quebec parental insurance plan (QPIP) premiums, along with Quebec provincial income tax withholding.
In practice, payroll must set up the employee using Quebec as the POE and ensure stakeholders (HR, finance, the employee) understand why deductions may differ from Ontario residents working in Ontario. Any over
/under-withholding due to POE vs. residence is typically reconciled when the employee files their personal tax return.

NEW QUESTION # 77
Paula is granted a pay increase. The paperwork informing the payroll department of the pay increase is two pay periods late. What method would be used to calculate income taxes on the separate retroactive payment?

A. Retroactive tax method
B. Tax table method
C. Bonus tax method
D. Lump-sum tax method

Answer: A

Explanation:
A payment made to "catch up" wages because a pay increase was processed late is a retroactive payment. The CRA provides different income tax calculation approaches depending on the payment type and specifically lists "Retroactive payments" as its own category, separate from regular tax-table calculations, lump-sum, and bonus/irregular methods.
For bonuses and retroactive pay increases, the CRA also points employers to the Payroll Deductions Online Calculator (PDOC) to calculate CPP, EI, and income tax correctly, which aligns with using the appropriate CRA method for retroactive amounts.
Because this situation is explicitly a retroactive adjustment (two pay periods late), the correct choice is the Retroactive tax method (option C), not the bonus/irregular method, not the lump-sum method, and not the regular tax tables.

NEW QUESTION # 78
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