Income Tax Chapter 2
with correct questions
and answers
usr
[COMPANY NAME] [Company address]
, 1. If an individual believes that the amount of income taxes
withheld by his employer is greater than the amount that he will
have to pay in a particular year, he can make a request to the CRA
to have his source deductions reduced.
True or False? Answer: False.
The deficiency must be recurring, not just for a particular year.
2. Because the taxation year of an individual must be based on the
calendar year, all individuals will have the same filing due date.
True or False? Answer: False.
There are two filing due dates for individuals. April 30 or, for individuals earning business income, June 15.
In addition, deceased taxpayers may have a ditterent filing date.
3. If an individual dies after October in a particular taxation year, his
legal
representatives must file his tax return by the later of his normal filing
due date and six months after the date of his death.
True or False? Answer: True
4. If quarterly instalments must be paid by an individual, they can be
calculated as one-quarter of the net tax owing for the preceding
year.
True or False? Answer: True
5. If an individual is required to make income tax instalment
payments, one acceptable pattern of payments is to base each
payment on one-quarter of the estimated Tax Payable for the
current taxation year.
True or False? Answer: False.
The acceptable approach is to use one-quarter of the net tax owing for the current year.
6. The interest rate applicable on refunds to individuals is 4
percentage points less than the interest rate applicable on
amounts owing to the CRA.
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12
with correct questions
and answers
usr
[COMPANY NAME] [Company address]
, 1. If an individual believes that the amount of income taxes
withheld by his employer is greater than the amount that he will
have to pay in a particular year, he can make a request to the CRA
to have his source deductions reduced.
True or False? Answer: False.
The deficiency must be recurring, not just for a particular year.
2. Because the taxation year of an individual must be based on the
calendar year, all individuals will have the same filing due date.
True or False? Answer: False.
There are two filing due dates for individuals. April 30 or, for individuals earning business income, June 15.
In addition, deceased taxpayers may have a ditterent filing date.
3. If an individual dies after October in a particular taxation year, his
legal
representatives must file his tax return by the later of his normal filing
due date and six months after the date of his death.
True or False? Answer: True
4. If quarterly instalments must be paid by an individual, they can be
calculated as one-quarter of the net tax owing for the preceding
year.
True or False? Answer: True
5. If an individual is required to make income tax instalment
payments, one acceptable pattern of payments is to base each
payment on one-quarter of the estimated Tax Payable for the
current taxation year.
True or False? Answer: False.
The acceptable approach is to use one-quarter of the net tax owing for the current year.
6. The interest rate applicable on refunds to individuals is 4
percentage points less than the interest rate applicable on
amounts owing to the CRA.
2/
12
