Access over 35 million academic & study documents

20201023023355acct 4280 Tax Assignment 1 1

Content type
User Generated
Subject
Accounting
School
University of Waterloo
Type
Homework
Rating
Showing Page:
1/17
DUE ON NOV 1
QUESTION 1
Darren Zazz is self employed. He is required to retain his books and
records for his 2020 taxation year until:
A.
B.
A. The end of 3 years from the date of the Notice of Assessment
C.
D.
B. June 15, 2027
E.
F.
C. December 31, 2026 required to keep for 6 years
G.
H.
D. April 30, 2027
QUESTION 2
Which of the following is incorrect?
A. Legislation for GST is provided by the Income Tax Act Legislation for
GST is provided by the Excise Tax Act not the ITA.
B.
B. Legislation for GST is provided by the Excise Tax Act
C. Books and records for GST must be retained for 6 years from the end of
the taxation year
D. A Notice of Objection can be filed for GST
QUESTION 3
John Barron is self-employed and plans to file his 2019 tax return on June
15, 2020. His balance-due day is:

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/17
A. June 15, 2020 Deadline for those self-employed established by CRA
B. June 15, 2019
C. April 30, 2020
D. April 30, 2019
QUESTION 4
Which of the following statements is true?
A. Interest is only charged on overdue balances owing at April 30
B. The interest rate for overdue amounts from an individual is based on
the CRA prescribed rate plus 2 percent
C. The interest rate for overpaid instalments by a corporation is based on
the CRA prescribed rate plus 2 percent
D. The interest rate for overdue amounts from an individual is based on
the CRA prescribed rate plus 4 percent
QUESTION 5
If an individual has to make instalment payments for income tax, the
instalments are due on:
A. June 30 and December 31
B. March 30, June 30, September 30 and December 30
C. April 30

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/17

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 17 pages?
Access Now
Unformatted Attachment Preview
D U E O N NO V 1 QUESTION 1 Darren Zazz is self employed. He is required to retain his books and records for his 2020 taxation year until: A. The end of 3 years from the date of the Notice of Assessment A. B. B. June 15, 2027 C. D. C. December 31, 2026 – required to keep for 6 years E. F. D. April 30, 2027 G. H. QUESTION 2 Which of the following is incorrect? A. Legislation for GST is provided by the Income Tax Act – Legislation for GST is provided by the Excise Tax Act not the ITA. B. B. Legislation for GST is provided by the Excise Tax Act C. Books and records for GST must be retained for 6 years from the end of the taxation year D. A Notice of Objection can be filed for GST QUESTION 3 John Barron is self-employed and plans to file his 2019 tax return on June 15, 2020. His balance-due day is: A. June 15, 2020 – Deadline for those self-employed established by CRA B. June 15, 2019 C. April 30, 2020 D. April 30, 2019 QUESTION 4 Which of the following statements is true? A. Interest is only charged on overdue balances owing at April 30 B. The interest rate for overdue amounts from an individual is based on the CRA prescribed rate plus 2 percent C. The interest rate for overpaid instalments by a corporation is based on the CRA prescribed rate plus 2 percent D. The interest rate for overdue amounts from an individual is based on the CRA prescribed rate plus 4 percent QUESTION 5 If an individual has to make instalment payments for income tax, the instalments are due ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Just what I needed…Fantastic!

Studypool
4.7
Indeed
4.5
Sitejabber
4.4

Similar Documents