For the 2020 taxation year, John Bookman had a taxable capital gain of $45,000 and a net business loss of $45,000, resulting in a Taxable Income of nil. Which of the following statements is correct?
A)John is not required to file a tax return for 2020.
B)John must file a tax return on or before June 15, 2021.
C)John must file a tax return on or before December 31, 2021.
D)John must file a tax return on or before April 30, 2021.

Question

Quizplus · Accepted Answer

John must file a tax return on or before June 15, 2021, because he had a taxable capital gain of $45,000, even though his net business loss of $45,000 resulted in a Taxable Income of nil.

For the 2020 Taxation Year, John Bookman Had a Taxable