Administration

Question 1

Filing Deadline - Individual

Answer 1

April 30th

June 15th - if taxpayer or spouse carried on a business - SELF-EMPLOYED

Later of 6 months after the date of death and normal filing deadline, if the taxpayer passed away during the year

Question 2

Balance Due Date - Individual - Taxes Owing

Answer 2

April 30th

Question 3

Filing Deadline - Corporation

Answer 3

6 months after year end

Question 4

Balance Due Date - Corporation - Taxes Owing

Answer 4

2 months after year end

3 months after year end for certain CCPCs

Question 5

Installments - Individuals

Answer 5

Tax payable due on filing > $3,000 for the current year or for one of the 2 previous years, installments must be paid in the current year

Installments are due March 15th, June 15th, September 15th and December 15th - amount for each is the least of:
i. 1/4 x estimated tax payable for the current year

ii. 1/4 x tax payable for the immediately preceding year
iii. first 2 installments: 1/4 x tax payable for the 2nd preceding year; last 2 installments: 1/2 x tax payable for the preceding year - first 2 installments for the current year

Question 6

Installments - Corporations

Answer 6

if the balance due will be greater than $3,000 for the current year (must be estimated in advance) and prior year, monthly installments must be paid. Corporations (excluding small CCPCs) can choose from the following three alternatives, normally choosing the option with the greatest deferral of cash outflow (that is, the smallest installments):
i. 1/12 × estimated tax payable for the current year

ii. 1/12 × tax payable for the immediately preceding year
iii. first two installments: 1/12 × tax payable for the second preceding year; last 10 installments: 1/10 × tax payable for the preceding year minus first two installments for the current year

Question 7

Eligible CCPC Corporation

Answer 7

did not have taxable income exceeding $500,000 (small business deduction limit) in either the current or previous taxation year

had taxable capital employed in Canada of no more than $10,000,000

claimed the small business deduction in either the current or previous year

has a perfect compliance history (throughout the 12-month period, it had no compliance irregularities with regards to the remittance of tax and filing of returns under the ITA and GST/HST portion of the Excise Tax Act)

Question 8

Installments - CCPC

Answer 8

¼ × estimated tax payable for the current taxation year

¼ × tax payable for the immediately preceding taxation year

first installment: ¼ × tax payable for the second preceding year; last three installments: 1 /3 × tax payable for the preceding year minus first installment for the current year

Question 9

Disagree with a Notice of Assessment - Individual or a Testamentary Trust

Answer 9

Later of:
one year after the filing due date

90 days after the date of mailing of the notice of assessment (or reassessment)

Question 10

Disagree with a Notice of Assessment - Any Other Taxpayer

Answer 10

90 days after the date of mailing of the notice of assessment (or reassessment)