Essay
As his Taxable Income in 2019 was nil, Mark Felton did not make any instalment payments during 2020. In completing his return for 2020, he finds that he has tax payable of $22,500. While his normal filing date would be April 30, 2021, he does not file his return or pay the balance owing until September 12, 2021. What penalties and interest will be assessed for the 2020 taxation year?
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A penalty of 9 percent of Tax Payable wi...View Answer
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