business tax

Question 1

additions

Answer 1

• income tax expense
• depreciation expense
• 50% of meals and entertainment expenses
• interest and penalties charged on late and delinquent tax payments
• personal and living expenses
• capital expenditures
• unpaid remuneration that was accrued at year end and not paid within 180 days after the year end.
• 50% taxable capital gain

Question 2

deductions

Answer 2

• capital cost allowance
• accounting gain on sale of assets

Question 3

Taxable of business income

Answer 3

• basic federal tax rate = 38%
• federal tax abatement of 10% for every company
• SBD: 19% reduction on max 500,000
• general rate reduction: 13% the amount not eligble for sbd

Question 4

deadlines to pay taxes for corp

Answer 4

• corp: 2 months since fiscal end
• small: 3 months