Filing Your Taxes Quiz

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Filing Your Taxes Quiz
You'll need to correctly answer at least 4 of the 7 questions below (at least 50%) to progress to the next unit.
Question #1: When can a self-employed individual file taxes up to?
Question #2: What type of proof of your income and deductions do you need for the CRA?
Question #3: How many years does the CRA expect you to keep all your records for filing taxes?
Question #4: Which of the following methods can you use to make Tax Instalment Payments?
Question #5: Fill in the blank: According to the CRA, you have to pay your income tax by instalments for the current calendar year if your net tax owing is more than _____ in either the current calendar year or in either of the two previous calendar years.
Question #6: If you chose a Tax Instalment Payment option that led you to pay instalments that totalled $3,000 in a year, but your total taxes that year ended up being $4,000, you would have to pay the difference.
Question #7: If the individual who is required to pay tax instalments knows that his/her tax obligation is going to significantly change, s/he must choose the Current Year Calculation even if CRA sends him/her instalments forms for the No Calculation amounts.
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