RSM324H1 Chapter 3: CHAPTER 3-2
15 Feb 2017
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Chapter 3 liability for tax, income determination, and administration of the income tax system. The design and ongoing development of income tax law is the responsibility of the department of finance. However, the monumental task of administering the law and ensuring that taxpayers comply with it is the responsibility of the cra. Filing of returns: every taxpayer whether an individual, a corporation, or a trust must file an income tax return. However, the filling deadline is different: corporations. File annual income tax return within 6 months of its taxation year end, even if it has no income or has no financial activity. Whe(cid:374) the (cid:272)o(cid:396)po(cid:396)atio(cid:374)"s ta(cid:454) (cid:455)ea(cid:396) e(cid:374)ds o(cid:374) the last da(cid:455) of a (cid:373)o(cid:374)th, the ta(cid:454) (cid:396)etu(cid:396)(cid:374) is due by the last day of the 6th month after the end of the tax year. File annual income tax return by april 30 for the most recent calendar year.
