Required Tasks: Prepare the 2013 T2 corporate income tax return for LP Widgets Ltd. Solution Check your solution with the solution provided by your instructor. C HECKLIST You have completed this module if you have: read the entire module read the required reading in the textbook completed the Module 13 Case: Anderson Ltd. completed T2 Exercise 3 completed the quiz for this module Congratulations, you can now move on to the next module. Caution: Please check with the course calendar to ensure that you are on schedule. Downloaded by Pardeep Garg ([email protected]) lOMoARcPSD|4345911
O VERVIEW This module provides you with: 1. An outline of the administrative requirements for the income tax system in Canada 2. An outline of the key administrative requirements for individuals and corporations under the income tax system in Canada 3. The following key topics are covered for individuals and corporations: filing requirements such as when to file the T1 and T2 income tax returns with the tax authorities request for adjustments to income tax returns that have been filed penalties and interest charged for late filing of the T1 or T2 income tax returns tax instalment requirements interest (and possible penalties) for late or insufficient tax instalments an outline of key issues regarding assessment and appeals O BJECTIVES As a result of learning in this module, you should be able to: Describe the key features in the administration of the income tax system in Canada. Identify the filing requirements for individuals and corporations. Downloaded by Pardeep Garg ([email protected]) lOMoARcPSD|4345911
Identify the penalties and interest that would be payable by individual or corporate taxpayers if the filing requirements are not met. Identify the requirements for tax instalments for individuals and corporations. Describe the consequences if the tax instalments are not made as required. Describe the procedure for requesting adjustments to income tax returns that have already been filed with Canada Revenue Agency. Outline the most important features of the assessment of income tax returns and any appeals by taxpayers. Read the following sections in Chapter 2, Procedures and Administration , in the textbook: Byrd, C., & Chen, I. (2014). Byrd & Chen's Canadian tax principles (2013 – 2014) . Toronto: Pearson Prentice Hall. 1. Returns and Payments – Individuals Requirement to File Due Date for Individual Returns Instalment Payment by Individuals Interest Penalties Due Date for Balance Owing – Individuals 2. Returns and Payments – Corporations Due date for Corporate Returns Instalment Payments for Corporations Downloaded by Pardeep Garg ([email protected]) lOMoARcPSD|4345911
Due Date for Balance Owing – Corporations Interest and Penalties for Corporations A CTIVITIES IN THIS M ODULE 1. Complete assigned exercises from the textbook.
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- Fall '18