A Canadian public corporation had federal taxes payable in 2018 and 2019 exceeding $3,000. One correct option it has with respect to its 2020 instalments is to pay:
A)equal instalments, on a quarterly basis, based on its 2019 federal taxes payable.
B)on a monthly basis, instalments equal to 1/12th of its estimated 2020 federal taxes payable.
C)one lump-sum payment, within three months of its 2020 year end.
D)on a monthly basis, instalments equal to 1/12th of its 2018 federal taxes payable.

Question

Quizplus · Accepted Answer

A Canadian public corporation with federal taxes payable exceeding $3,000 in previous years can pay its 2020 instalments on a monthly basis, with each instalment being 1/12th of its estimated 2020 federal taxes payable.

A Canadian Public Corporation Had Federal Taxes Payable in 2018