AFM362 Study Guide - Midterm Guide: Investment, Ab1, Registered Retirement Income Fund

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM362
• Professor: Ken Klassen

Document Summary

Deceased individuals (later of 6mths after death and normal due date) Individuals: april 30th or june 15th (sole prop) It"s also good to file yearly so that they can get benefits like hst/gst, childcare benefits. Ccpc & individuals: 3 months after year end. Corporations must file for each tax year. Individuals only must file every year if: balance owing for that year, capital property disposed, non-resident individual has taxable capital gain, home buyer plan/lifelong learning plan is positive amount, return demanded by minister, they want refund, hst/gst credit. Late filed tax return: balance of tax owing x 5% + 1% for each complete month late up to 12months, max = 17% Late filed tax return (repeat offender): balance of tax owing x 10% + 2% for each month late up to 20 months, max = 50% Failure to report income (repeat offender): income not reported x 10% [not applied if false statements/omission applied or if it was 3 years ago]