Class Notes (836,147)
Canada (509,656)
York University (35,302)
Economics (1,721)
ECON 4400 (30)
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ECON 4400
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Filing of Tax returns - Tax returns can be filed in one of four ways: Paper file Efile Netfile Telefile - It is not necessary to file a tax return each year but taxpayers would be smart to file a tax return to obtain a refund or receive tax credits that they would not receive unless they filed a personal tax return for the year. Who is required to file a tax return? (1) If you owe tax (2) If you have a taxable capital gain (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. 9) Installments – Individuals - If individual owes $3,000 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 - The dates of payments are: March 15 June 15 September 15 December 15 Penalties for late filing - 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 m
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