Which of the following statements concerning income taxes in Canada is not true? A)Income taxes must often be estimated based on prior years' tax returns. B)Income taxes are usually paid through instalment payments throughout the year. C)The deadline for filing a corporate tax return and payment of any outstanding taxes is six months after the company's year end. D)Income taxes payable is reported as a current liability.

Question

Quizplus · Accepted Answer

The deadline for filing a corporate tax return and payment of any outstanding taxes is actually either three months after the company's year end (for Canadian-controlled private corporations) or six months after the company's year end (for other corporations).

Which of the Following Statements Concerning Income Taxes in Canada