For the three years ending December 31, 2020, Gloria Sloan had combined federal and provincial Tax Payable as follows: Using this information consider the following three independent cases. Required:
A. For each of the three cases:
• indicate whether instalments are required for the 2020 taxation year. Show all of the calculations required to make this decision;
• in those cases where instalments are required, indicate the amount of the instalments that would be required under the approach used in the CRA's instalment reminder; and
• in those cases where you have calculated the instalments required under the CRA's instalment reminder, indicate whether you believe there is a better approach and calculate the required instalments under that approach.
B. For those Cases where instalments are required, indicate the dates on which the payments will be due.

Question

For the three years ending December 31, 2020, Gloria Sloan had combined federal and provincial Tax Payable as follows:  Using this information consider the following three independent cases.  Required:
A. For each of the three cases:
• indicate whether instalments are required for the 2020 taxation year. Show all of the calculations required to make this decision;
• in those cases where instalments are required, indicate the amount of the instalments that would be required under the approach used in the CRA's instalment reminder; and
• in those cases where you have calculated the instalments required under the CRA's instalment reminder, indicate whether you believe there is a better approach and calculate the required instalments under that approach.
B. For those Cases where instalments are required, indicate the dates on which the payments will be due.

Quizplus · Accepted Answer

The Answer of For the three years ending December 31, 2020, Gloria Sloan had combined federal and provincial Tax Payable as follows:  Using this information consider the following three independent cases.  Required:
A. For each of the three cases:
• indicate whether instalments are required for the 2020 taxation year. Show all of the calculations required to make this decision;
• in those cases where instalments are required, indicate the amount of the instalments that would be required under the approach used in the CRA's instalment reminder; and
• in those cases where you have calculated the instalments required under the CRA's instalment reminder, indicate whether you believe there is a better approach and calculate the required instalments under that approach.
B. For those Cases where instalments are required, indicate the dates on which the payments will be due.

For the Three Years Ending December 31, 2020, Gloria Sloan