Question
Peter Procrastinator did not file his 2017 tax return until he received a notice from the CRA in 2019 requesting that he file it. He
Peter Procrastinator did not file his 2017 tax return until he received a notice from the CRA in 2019 requesting that he file it. He filed his 2017 return on November 16, 2019. Peter prepared his 2019 return indicating that he owed $4,000 using tax software. However, he forgot to file it until October 2020 at which time he paid the $4,000 to the CRA. Which of the following statements is true?
Peter will be assessed a penalty of 10% | ||
Peter will not be assessed a penalty | ||
Peter will be assessed a penalty of 20% | ||
Peter will be assessed a penalty based on the base rate + 4% |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started