If a Return's Due Date Is Extended, a Taxpayer

question 31

Multiple Choice

If a return's due date is extended, a taxpayer

• A)also extends the period in which to pay taxes without interest.
• B)still should pay the tax by the original return due date.
• C)has 30 days following the original due date to pay estimated taxes without penalty.
• D)has 30 days following the original due date to pay estimated taxes without interest.

Recognize the importance and mechanics of retirement and pension plans, including contributory and non-contributory models.

Understand the concept and significance of employee wellness and assistance programs.

Understand retirement planning and pension options available in Canada.

Recognize the role of employers and governments in contributory pension plans.

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Definitions:

Prepaid Expenses

Payments made in advance for goods or services to be received in the future, considered an asset on the balance sheet until utilized.

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing the ownership's value in the business.

Major Account Groups

Categories used in financial accounting to organize and summarize the financial activities of a business.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the owner's claim against the company assets.