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Homework answers / question archive / Humber College - BMGT ACCT 203 Chapter 2 (Procedures And Administration) 1)An individual is required to make deductible spouse support payments on an annual basis

Humber College - BMGT ACCT 203 Chapter 2 (Procedures And Administration) 1)An individual is required to make deductible spouse support payments on an annual basis

Accounting

Humber College - BMGT ACCT 203 Chapter 2 (Procedures And Administration)
1)An individual is required to make deductible spouse support payments on an annual basis. This individual can request that his employer reduce the amount withheld for income taxes.

True or False?

  1. An individual, whose only income is from an unincorporated business, dies on December 29, 2019. This individual’s 2019 tax return must be filed by June 15, 2020.

True or False?

 

  1. An individual whose filing date is April 30, does not file his tax return until June 27. He has not previously missed a filing date. His penalty for late filing would be equal to 6 percent of the tax owing on the filing date.

True or False?

  1. Without regard to the date on which their tax return must be filed, all corporations must pay any balance owing within three months of their year end.

True or False?

  1. For individuals, trusts, and Canadian controlled private corporations, reassessment can occur for up to three years from the date of the mailing of the original assessment.

True or False?

  1. The rate used to charge interest on insufficient instalments for individuals is 4 percent higher than the rate used to calculate interest paid to individuals on refunds.

True or False?

  1. Mr. Levin dies on December 5, 2019. While he was an employee of a publicly traded Canadian company, he owned an unincorporated business which was managed by his common-law partner. What is the latest date for filing his 2019 income tax return?
    1. April 30, 2020.
    2. June 5, 2020.
    3. June 15, 2020.

       D.  June 30, 2020.

  1. With respect to the filing of an individual income tax return, which of the following statements is NOT correct?
    1. An individual is required to file an income tax return if their only source of income is business income, even if no tax is payable.
    2. An individual is required to file a tax return if he has an outstanding balance under the home buyers plan.
    3. If an individual has disposed of a capital property during the year, they are required to file an income tax return, even if no tax is payable.
    4. An individual is required to file an income tax return if they owe taxes for the year.
  2. Joan Bass, an individual whose only income resulted from pensions, did not pay her nettax owing for 2019 until she actually filed her return on September 10, 2020. Her net tax owing on her balance-due day was $5,600. This is the first time she has late filed her return. How much of a late filing penalty will Joan incur?
    1. Nil.
    2. $280
    3. $504

D. $560.

  1. Cheung Trading Inc., a CCPC, has a year end of September 30. For its 2019 taxation year,its income tax return is due on:
    1. November 30, 2019. B.           December 31, 2019.
    1. April 30, 2020.
    2. March 31, 2020.
    3. None of the above.
  1. Brandon Ltd. is a Canadian public corporation with an August 31 year end. For the 2019 taxation year, the Company’s taxes must be paid by:
    1. October 31, 2019.
    2. February 28, 2020.
    3. December 31, 2019. D.           November 30, 2019.
  2. Martin Houde is retired and recently divorced. He filed his 2019 tax return on February 3,2020. He received a portion of the tax refund claimed and a notice of assessment, dated May 12, 2020, which set out the difference between the amount claimed and the amount of the refund. As Martin disagrees with the notice of assessment, he wishes to file a notice of objection. By which of the following dates must he file his notice of objection?
    1. February 3, 2021.
    2. May 12, 2021.
    3. April 30, 2021.
    4. August 10, 2020.
    5. June 15, 2021.
  3. Of the following statements related to appeals, which one is NOT correct?
    1. If an appeal to the Tax Court Of Canada is not successful, the taxpayer has the right to appeal to the Federal Court Of Appeal.
    2. Under the informal procedure, a taxpayer can represent himself in the Tax Court Of Canada.
    3. The Minister is responsible for the taxpayer’s costs if the Minister appeals in a case where the amount of Tax Payable is less than $25,000.
    4. Under the informal procedure, the taxpayer cannot be required to pay court costs in the Tax Court Of Canada.

 

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