Which of the Following Statements Concerning Income Taxes in Canada

question 21

Multiple Choice

Which of the following statements concerning income taxes in Canada is not true?

• A)Income taxes must often be estimated based on prior years' tax returns.
• B)Income taxes are usually paid through instalment payments throughout the year.
• C)The deadline for filing a corporate tax return and payment of any outstanding taxes is six months after the company's year end.
• D)Income taxes payable is reported as a current liability.

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Definitions:

Objectively Measured

Quantified or evaluated based on unbiased observations, data, or criteria, not influenced by personal feelings or opinions.

Association

An organized group of people who share a common interest, purpose, or goal, coming together to implement a wide range of activities.

Causation

The relationship between cause and effect, where one event (the cause) directly results in another event (the effect).

Normative Analysis

An approach in economics that involves value judgments or opinions about what the economy should be like or what particular policy actions should be recommended.