COMMERCE 4SC3 Lecture Notes - Lecture 6: Sept, Resource Interchange File Format
14 Mar 2019
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Penalties by cra for not paying taxes on time or right amount in table given in class. Tells the deadline to file taxes for corporations, individuals, trusts and dead people. If you work for company, you don"t get paid gross pay. Gets reduced by source deductions like income taxes. Ex. if you get paid 100k, only take home about 70k. Employer withholds money from employee paycheck and send money periodically to government (i. e. monthly or weekly) As self-employed individual, customers don"t send money to government. It"s the self- employer"s responsibility to send money to government. Government has to wait for the person to pay so they decided to force individuals to pay installments and if it"s not paid appropriately, get charged interest. **if income is above 100k, there"s also penalty for income above 100k. In making installment, you"re required to send money on quarterly basis; march 15, june. These installments are always based on what you owed in prior years.
