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Chapter 14

NotesChapter14.pdf


Department
Administrative Studies
Course Code
ADMS 3520
Professor
Thaddeus Hwong
Chapter
14

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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.

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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)
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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
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