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Chapter 3 - Tax Administration Exam With Complete Solutions Latest Update 2024
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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:
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