For the three years ending December 31, 2018 through December 31, 2020, a corporation's combined federal and provincial Tax Payable is as follows: Case One
The taxpayer is a small CCPC.
Case Two
The taxpayer is a small CCPC. Assume that its combined federal and provincial taxes payable for the year ending December 31, 2019 were $163,420, instead of the $186,540 given in the problem.
Case Three
The taxpayer is a publicly traded corporation.
Case Four
The taxpayer is a publicly traded corporation. Assume that its combined federal and provincial taxes payable for the year ending December 31, 2019 were $163,420, instead of the $186,540 given in the problem.
Required: For each of the preceding independent Cases, provide the following information:
1. Indicate whether instalments are required during 2020. Provide a brief explanation of your conclusion.
2. Calculate the amount of instalments that would be required under each of the acceptable methods available.
3. Indicate which of the available methods would best serve to minimize instalment payments.

Question

For the three years ending December 31, 2018 through December 31, 2020, a corporation's combined federal and provincial Tax Payable is as follows:  Case One
The taxpayer is a small CCPC.
Case Two
The taxpayer is a small CCPC. Assume that its combined federal and provincial taxes payable for the year ending December 31, 2019 were $163,420, instead of the $186,540 given in the problem.
Case Three
The taxpayer is a publicly traded corporation.
Case Four
The taxpayer is a publicly traded corporation. Assume that its combined federal and provincial taxes payable for the year ending December 31, 2019 were $163,420, instead of the $186,540 given in the problem.
Required: For each of the preceding independent Cases, provide the following information:
1. Indicate whether instalments are required during 2020. Provide a brief explanation of your conclusion.
2. Calculate the amount of instalments that would be required under each of the acceptable methods available.
3. Indicate which of the available methods would best serve to minimize instalment payments.

Quizplus · Accepted Answer

The Answer of For the three years ending December 31, 2018 through December 31, 2020, a corporation's combined federal and provincial Tax Payable is as follows:  Case One
The taxpayer is a small CCPC.
Case Two
The taxpayer is a small CCPC. Assume that its combined federal and provincial taxes payable for the year ending December 31, 2019 were $163,420, instead of the $186,540 given in the problem.
Case Three
The taxpayer is a publicly traded corporation.
Case Four
The taxpayer is a publicly traded corporation. Assume that its combined federal and provincial taxes payable for the year ending December 31, 2019 were $163,420, instead of the $186,540 given in the problem.
Required: For each of the preceding independent Cases, provide the following information:
1. Indicate whether instalments are required during 2020. Provide a brief explanation of your conclusion.
2. Calculate the amount of instalments that would be required under each of the acceptable methods available.
3. Indicate which of the available methods would best serve to minimize instalment payments.

For the Three Years Ending December 31, 2018 Through December