Misc issues Flashcards
1
Q
Non-capital losses
A
- If never filed, the estimated loss will have to be validated.
- Will have to file the past tax returns first to determine the exact amounts of the losses and to establish its right to CF these losses
- Non cap losses can be CF up to 20 years
2
Q
Capital losses
A
A capital loss occurs when a non-depreciable asset, other than inventory, is sold at a price lower than the original purchase price.
Cap losses can only be applied against capital gains,
- Can be CF indefinitely
3
Q
Charitable donations
A
Donations can be CF max 5 years from the year they were made.
- Can deduct a max of 75% of its net income for tax purposes in donations
4
Q
CCPC filing deadline
A
Required to pay 3 months after year end
Filing 6 months after year end.
5
Q
GST/HST filing deadline
A
- Need to determine whether company is a quarterly or monthly filer.
Revenues less than 1.5M - annual filer
Revenues between 1.5 - 6 million - quarterly filer.
higher than 6M - monthly filer.
