Question: A taxpayers tax liability was $1,000 for 20X1, $12,000 for 20X2, and is expected to be $36,000 for 20X3. Is the taxpayer required to make

A taxpayer’s tax liability was $1,000 for 20X1, $12,000 for 20X2, and is expected to be $36,000 for 20X3.
Is the taxpayer required to make tax instalments for 20X3 and if so, what are the amounts and the due dates for each instalment? Income tax reference: ITA 156(1), 156.1(1),(2), 157(1),(1.1),(1.2),(2.1).

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ITA 1561 15611 2 1571 21 instalments for individuals and corporations If the taxpayer is an individual instalments are required for 20X3 since the tax ... View full answer

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