1. Which of the following corporations would NOT be considered resident in Canada for tax purposes?
   1. Dontar Inc. was incorporated in Manitoba on April 5, 1965 and has carried on business in Canada since that date.
   2. Linco Ltd. was incorporated in Ontario on April 4, 1975 and, until the end of 1996, carried on business in Canada. At that time, all of the management and operations of the Company moved to the southern United States.
   3. Norad Inc. was incorporated in New York state on March 1, 1985 and, until the end of 1993, carried on business in Canada. At that time, all of the management and operations of the Company moved to the southern United States.
   4. Rio Amgal Inc. was incorporated in Ontario on September 3, 2001. While the Company has operations in both Canada and the U.S., the directors live in Chicago. As a consequence, all director's meetings are held in that city.

2. Which of the following is NOT a taxable entity for income tax purposes?
   1. Lyton Inc., a Canadian private company.
   2. John Lyton, a Canadian resident.
   3. Joan Lyton, a Canadian citizen, living in Tokyo, Japan.
   4. The Lyton family trust.

3. Joan Bass, an individual whose only income resulted from pensions, did not pay her nettax owing for 2019 until she actually filed her return on September 10, 2020. Her net tax owing on her balance-due day was $5,600. This is the first time she has late filed her return. How much of a late filing penalty will Joan incur?

1. Nil.
2. $280.
3. $504.
4. $560.

4. Cheung Trading Inc., a CCPC, has a year end of September 30. For its 2019 taxation year,its income tax return is due on:

1. November 30, 2019.
2. April 30, 2020.?
3. March 31, 2020.
4. None of the above.?

Answer rating: 100% (QA)

The correct option is Norad Inc was incorporated in New York state on March 1 1985 and until the end ... View the full answer