RFL Inc., a Canadian-controlled private corporation, has a July 31 year-end. It is not associated with any other corporation. Its tax manager has estimated its 2019 federal income tax liability at $58,000 on taxable income estimated to be $250,000. Its federal income tax liability for 2018 was $34,000 on taxable income of $187,000, and its federal income tax liability for 2017 was $28,000 on taxable income of $140,000. RFL Inc does not have a perfect compliance history when it comes to paying quarterly instalments.

(i) Provide the tax manager with a schedule indicating the date and minimum amount of each instalment that the corporation is required to pay in respect of its 2019 taxation year.

(ii) When must the final balance of federal income tax be paid for the 2019 taxation year? Specify the conditions to permit that date.

(iii) What is the filing deadline for the 2019 income tax return of the corporation?

(iv) Assume that the estimate of the income tax for 2019 was inaccurate because the actual income tax amount turns out to be $62,000 for 2019. Also, assume that the corporation paid the minimum required instalments computed in (i) on time. How much is the balance due?

(v) Assume that, the corporation misses the last instalment and pays the full amount owing on the balance-due date. How much interest is payable on that date, if the prescribed rate for the the second two quarters of 2019 is 4%?