K's tax liability was $15,000 in 2019, $20,000 in 2020, $25,000 in 2021 and is expected to be $50,000 in 2022. What is the minimum total amount of the tax instalments required for 2022?

 

#2. L Inc., a Canadian-controlled private corporation, has a June 30 taxation year-end. L filed its income tax return for 2022 on April 30, 2023, at which time it paid the balance of tax owing of $100,000. What is the late-filing penalty for L Inc.?

Answer rating: 100% (QA)

1 To calculate the minimum total amount of tax installments required for 2022 for K you can use the ... View the full answer