In each of the following situations indicate whether the answer is true or false and give a reference to the act.

1. The taxable income of Daren Inc., a Corporation resident in Canada, was nil for the year. As a result, it did not have to file a corporate tax return.
2. Mr. Brit sold his shares in a qualified small business Corporation, and realized a $200,000 capital gain. The full amount of the gain was eligible for the capital gains exemption leaving his taxable income at nil. He does have to file a tax return for the year.
3. Installments for individuals are due on the 30th of March, June, September, and December.