Leah has come to you for help in determining the minimum amount she should pay for her personal tax installments for 2022. As well, she is the sole shareholder of MW Ltd., and she would also like you to calculate the minimum installments for the corporation. Leah’s actual and estimated personal net tax owing balances are provided below:

Year Taxes payable 2022 (estimated) $18,000

2021 (actual) $15,000

2020 (actual) $17,000

Leah provided the following information regarding MW Ltd., which has a March 31 year-end: Year Net tax owing

2022 (estimated) $10,000

2021 (actual) $2,000

2020 (actual)$18,000

Required: a) Provide Leah with the options for her personal instalments for 2022 and recommend the option that will minimize her payments. b) Calculate the instalment options for MW Ltd. and advise Leah as to the payment deadlines for the corporate instalments

Answer rating: 100% (QA)

Le ah s minimum inst al ment for personal taxes for 2022 would be 9 000 This is because her estimate... View the full answer