Which of the following is NOT one of the criteria for a CCPC to be considered...

Which of the following is NOT one of the criteria for a CCPC to be considered a small CCPC eligible to pay instalments on a quarterly basis?

		Taxable income cannot exceed $500,000 for the corporation and its associated corporations for the current taxation year and the two previous years.
		The corporation has claimed the small business deduction in the current or previous year.
		The corporation has a perfect compliance record during the last 12 months.
		The corporation and its associated corporations do not have Taxable Capital Employed in Canada that exceeds $10 million for the current or previous year.

Expert Solution

Answer :- Option A). Taxable income cannot exceed $500,000 for the corporation and its associated corporations for the current taxation year and the two previous years.

Explanation :- The statement mention in Option A is not any condition / criteria for paying quartely installments by small canadian controlled private corporation (CCPC) because either for the current year or during the previous year, Taxable income should not be more than $ 500000 including for its associated corporations. Therefore, The condition include the word "Current or the previous year" and not the "Current year and the two previous years" i.e., Neither condition include the two previous year nor consider the both current as well as previous year.

Thus, Option A). to the given question is correct asnwer. Rest all the three statements mentioned in options b, c and d are proper criterias / conditions for paying the quartely installments by the CCPC.

jeff jeffy answered 1 year ago

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