Chapter14 - Admini str ation Under t Act he Chapter 14 By...

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    Administration Under the Act Chapter 14 By James B. MacNeill
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    Administration Under the Act Based on Self-Assessment System
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    Penalties Subsection 162(1) Subsection 162(1) 5% for Late Filing 5% for Late Filing Plus 1% for Each Month Late -- Plus 1% for Each Month Late -- Up to 12 Months Up to 12 Months
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    Returns (Found at Section 150) I ncome Tax Return  Filing-Due Date  Corporat ions 6 Mont hs Individuals April 30 or J une 15 Dec eased Individuals Lat er of 6 Mont hs Aft er Deat h and t he Norm al Due Dat e Trust s 90 days
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    Habitual Abuser Subsection 162(2) If a Penalty Assessed Under Subsection 162(1) 10% of Tax Plus 2% per Month --Up to 20 Months
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    Failure to Report Income Subsection 163(2) -- If a Penalty Under Subsection 163(1) Assessed in Three Previous Years 10% of Income not Reported
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    Table of Offences and Penalties Offence  Penalty  Late-Filed Tax Return  Balance of Tax Owing X 5%  +  1%  for Each  
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This note was uploaded on 09/30/2008 for the course ACCT 360 taught by Professor Jones during the Summer '08 term at Windsor.

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Chapter14 - Admini str ation Under t Act he Chapter 14 By...

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