Of the Following Statements Related to Liability for Canadian Income

Multiple Choice

Of the following statements related to liability for Canadian income tax, which statement is NOT correct?

A) As used in the Income Tax Act, the term person refers to individuals, trusts, and corporations.
B) Corporations must use the calendar year as their taxation year.
C) The Canadian Part I tax is assessed on residents of Canada.
D) The Canadian Part I tax is assessed Canadian employment income earned by a non-resident.