Question

Question 1

Cody wants to pay the minimum total installments for 2017. His net tax owing for 2015 was $4,500, net tax owing for 2016 was $8,000, and estimated net tax owing for 2017 is $7,500. As he wants to pay the minimum total installments for 2017, what would be the amount of his first payment on March 15, 2017? Ignore any possible penalty & interest if his estimate for 2017 is incorrect.

Question 1 options:

	Nil
	$1,125
	$1,875
	$2,000

Question 2

Casey Fine, who works for the Canada Revenue Agency (CRA), filed his 2017 tax return on March 1, 2018. The CRA mailed a notice of assessment to Casey dated May 15, 2018, and Casey received it on May 30, 2018. If Casey disagrees with the notice of assessment, what is the latest date he has to file a notice of objection?

Question 2 options:

	90 days from April 30, 2018
	None of the options provided are correct.
	90 days from May 30, 2018
	90 days from March 1, 2018
	90 days from May 15, 2018

Question 3

PS Swim Inc. has a year end of November 30. It is a small CCPC. For its 2017 taxation year, its income tax return is due on:

Question 3 options:

	January 31, 2018
	May 31, 2018
	February 28, 2018
	April 30, 2018

Question 4

Larry Short has self-employment income of $62,000 in 2017. Prior to this year, he was employed full-time and his employer’s withholdings more than covered his tax liability for the year. Larry estimates that, based on his self-employment income, his net tax owing for 2017 will be $8,000. Which of the following statements is true? Question 4 options: If Larry has the same source and as much income in 2018 as he had in 2017, he will have to pay instalments during 2018. Larry must file his return for 2017 by April 30, 2018 Larry is required to pay instalments in 2017 Larry must pay his income tax for 2017 by June 15, 2018

Question 5

The Canada Revenue Agency will generally not pay a refund on a 2014 tax return that is filed in 2017, as the tax return was filed late.

Question 5 options:

	True
	False

Answer 1