For  the  year  ending  December  31,  2018,  MacPhail &  Toole Inc.'s ("M&T Inc.'s") combined  federal and provincial  taxes payable amounted  to $18,000, while  for  the  year ending December 31, 2019, the amount payable was $14,400.

For  each  of  the  following  independent  cases,  calculate  the  minimum  instalment payments that are required to be made towards the settlement of the taxes  payable for the year ending December 31, 2020.  Included in your answer should be  the date that each instalment is due to be paid.  Note that, in answering this question,  you should state a conclusion on whether or not instalments are required, even if the  amount of the instalments is nil.

M&T Inc. is a small CCPC with a December 31 year end.  It is estimated that federal  and provincial taxes payable for the year ending December 31, 2020 is $13,500.

M&T Inc. is a corporation with a December 31 year end, but is not a small CCPC.  Its combined federal and provincial taxes payable for the year ending December  31, 2020 are estimated to be $16,000.

Answer rating: 100% (QA)

ANSWER MT Inc is a small CCPC with a December 31 yearend It is estimated that federal and provincial ... View the full answer