ECON 4400 Lecture : NotesChapter14.pdf
Document Summary
Tax returns can be filed in one of four ways: Who is required to file a tax return? (1) (2) (3) If you disposed of capital property during the year (4) If you have an outstanding balance in rrsp withdrawals for home buyers plan or lifelong learning plan. (chap. If individual owes ,000 or more in either of two preceding years as well as the current year, installments are required for the current year. Installments are the payments of tax during the year. If a personal tax return is filed late, the penalty is 5% of tax owing plus 1% per month that it is late (maximum of 12 months) Interest will also be charged from the date the payment was required. If it is the second late filing within 3 years, the penalty is increased to 10% of taxes owing plus 2% per month late (maximum of 20 months)
