Exam (elaborations)
Income Tax Chapter 2 Exam With Complete Solutions Latest Update 2024
- Module
- Reassessment Period
- Institution
- The University Of Nottingham (UON)
Income Tax Chapter 2 Exam With Complete Solutions Latest Update 2024
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Income Tax Chapter 2 Exam With CompleteSolutions Latest Update 2024
If an individual believes that the amount of income taxes withheld by
his employer is greater than the amount that he will have to pay in a
particular year, he can make a request to the CRA to have his source
deductions reduced.
True or False? - correct answers False.
The deficiency must be recurring, not just for a particular year.
Because the taxation year of an individual must be based on the
calendar year, all individuals will have the same filing due date.
True or False? - correct answers False.
There are two filing due dates for individuals. April 30 or, for individuals
earning business income, June 15. In addition, deceased taxpayers may
have a different filing date.
If an individual dies after October in a particular taxation year, his legal
representatives must file his tax return by the later of his normal filing
due date and six months after the date of his death.
, True or False? - correct answers True
If quarterly instalments must be paid by an individual, they can be
calculated as one-quarter of the net tax owing for the preceding year.
True or False? - correct answers True
If an individual is required to make income tax instalment payments,
one acceptable pattern of payments is to base each payment on one-
quarter of the estimated Tax Payable for the current taxation year.
True or False? - correct answers False.
The acceptable approach is to use one-quarter of the net tax owing for
the current year.
The interest rate applicable on refunds to individuals is 4 percentage
points less than the interest rate applicable on amounts owing to the
CRA.
True or False? - correct answers False.
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