For the Three Years Ending December 31, 2020, Gloria Sloan

Essay

For the three years ending December 31, 2020, Gloria Sloan had combined federal and provincial Tax Payable as follows: Using this information consider the following three independent cases. Required:
A. For each of the three cases:
• indicate whether instalments are required for the 2020 taxation year. Show all of the calculations required to make this decision;
• in those cases where instalments are required, indicate the amount of the instalments that would be required under the approach used in the CRA's instalment reminder; and
• in those cases where you have calculated the instalments required under the CRA's instalment reminder, indicate whether you believe there is a better approach and calculate the required instalments under that approach.
B. For those Cases where instalments are required, indicate the dates on which the payments will be due.