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Quiz: The tax year, deadlines, and what "assessed" means

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1 A self-employed taxpayer owes a balance. Their return is not due until June 15. When is the balance due? June 15, the same as the filing deadline December 31 of the following year Thirty days after the notice of assessment is issued April 30 — the payment deadline is April 30 for all individuals

Answer key unconfirmed — rests on 2 unverified claims.

2 A filing deadline falls on a Sunday. A return arrives the following Monday. Is it on time? Only if the taxpayer requests relief No — the deadline is fixed by statute regardless of the day of the week Yes, but only for filing; a payment must still arrive by the Sunday Yes — where a deadline falls on a weekend or a public holiday recognised by CRA, the next business day counts as on time

Answer key unconfirmed — rests on 1 unverified claim.

3 What is the structure of the ordinary late-filing penalty? A percentage of total income reported, plus interest An initial percentage of the balance owing, plus a further percentage for each complete month the return is late, capped at twelve months A flat percentage of the balance owing, with no monthly component A percentage of the balance owing for each complete month late, with no initial amount

Answer key unconfirmed — rests on 1 unverified claim.

4 The repeat late-filing penalty is harsher than the ordinary one. Which conditions must be met for it to apply? Select all that apply.

Select all that apply.

The taxpayer has an outstanding balance from a prior year A late-filing penalty was charged in any of the three preceding years The return is more than twelve months late A demand to file was issued

Answer key unconfirmed — rests on 1 unverified claim.

5 How is interest on an unpaid balance calculated? At a prescribed rate set quarterly, compounded daily, from the payment deadline Interest is charged only after a demand to pay is issued At a prescribed rate set annually, compounded monthly, from the filing deadline At a fixed statutory rate, simple interest, from the date of assessment

Answer key unconfirmed — rests on 1 unverified claim.

6 A taxpayer asks whether CRA can still reassess a year from several years ago. What is the general position? Three years from the end of the tax year, extendable only by court order Three years from the filing deadline, with no exceptions There is no time limit on reassessment in any circumstances The normal reassessment period is three years from the date of the original notice of assessment, but there is no limit where there has been misrepresentation attributable to neglect, carelessness or wilful default, or fraud

Answer key unconfirmed — rests on 2 unverified claims.

7 A taxpayer wants penalties, interest and the tax itself cancelled under the taxpayer relief provisions. What is available? Nothing — relief is available only through the objection process Only interest may be waived; penalties and tax stand Penalties and interest may be cancelled or waived; the underlying tax may not All three, where circumstances warrant

Answer key unconfirmed — rests on 2 unverified claims.

8 A caller is two years behind on filing but is confident they were owed refunds both years. They ask whether it is worth filing now. What is the accurate answer? Yes — but the late-filing penalty will apply to each year regardless No — with no balance owing there is no consequence to leaving them No — returns more than one year late are no longer accepted Yes — filing late with no balance owing attracts no late-filing penalty, but benefit payments depend on the returns being filed

Answer key unconfirmed — rests on 1 unverified claim.

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