For each of the following corporations, determine when the income tax return for the current year is due and when any balance of tax owing is due. Income tax reference: ITA 150(1), 157(1)(b), 248(1) balance-due day.
A Ltd. is a public corporation with a May 30th year end.
B Ltd. is a private corporation with an October 31 year end. All of B’s income is taxed at the high corporate rate.
C Ltd. is a Canadian-controlled private corporation with an October 31 year end. Last year all of C’s income was subject to the low rate of tax from claiming the small business deduction.
D Ltd. is a Canadian-controlled private corporation with a May 30th year end. Last year
D had taxable income of $550,000. D claimed the small business deduction this year as well as last year.