Examen
Chapter 3 - Tax Administration Exam With Complete Solutions Latest Update 2024
- Grado
- Institución
Chapter 3 - Tax Administration Exam With Complete Solutions Latest Update 2024
[Mostrar más]Vista previa 3 fuera de 17 páginas
Vista previa 3 fuera de 17 páginas
Añadir al carrito
Añadir al carrito
Vendedor
Seguir
Schoolflix
Comentarios recibidos
Vista previa del contenido
Chapter 3 - Tax Administration Exam WithComplete Solutions Latest Update 2024
State the following for an individual
1) When is a return required?
2) What is the prescribed form?
3) When the the filing deadline?
4) When is the balance due? - correct answers Tax return required if :
1. tax is payable;
2. the individual has a taxable capital gain or disposes of taxable
Canadian property in the year;
3. the Minister of National Revenue has issued a "demand to file";
4. the individual has a positive Home Buyers' Plan or Lifelong Learning
Plan balance at year end; or
5. a non-resident individual has a taxable capital gain
Prescribed form: T1
Filing deadline
i) April 30
,ii) June 15, if taxpayer or spouse carried on a business
iii) later of six months after the date of death and normal filing
deadline, if the taxpayer passed away during the year.
Balance due date: April 30
State the following for a corporation
1) When is a return required?
2) What is the prescribed form?
3) When the the filing deadline?
4) When is the balance due? - correct answers Tax return is required if:
1. tax is payable (or would be, in the absence of a treaty);
2. at any time in the year, the corporation:
i) is resident in Canada;
ii) is carrying on business in Canada;
iii) has realized a taxable capital gain; or
iv) disposes of a taxable Canadian property
Prescribed form: T2
, Filing deadline: six months after year end
Balance due date:
i) two months after year end
ii) three months after year end for certain Canadian-controlled private
corporations (CCPCs)
What are instalments? - correct answers Recurring payments made to
cover tax that would normally have to be paid in a lump sum. In
general, if income is earned and no tax is withheld, or if there is not
enough tax withheld for more than one year, tax may have to be paid
by instalments.
Criteria for installment payment for individual and how is it calculated?
- correct answers The tax payable balance due on filing will be greater
than $3,000 for the current year (must be estimated in advance) and
for one of the two previous years, instalments must be paid for the
current year.
Instalments are due on March 15, June 15, September 15, and
December 15. The amount of each of the four instalments is the least
of:
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable. Así llegas a la conclusión rapidamente!
Preguntas frecuentes
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for 13,17 €. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
45,681 summaries were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now
Vistos recientemente
