FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Stewart Holdings Ltd. is a Canadian controlled private corporation (CCPC) that has a fiscal period of November 1 to October 31. Stewart Holdings Ltd. has taxable income of $275,000 in the current year and has a policy of always claiming the small business deduction on its tax return each year. Mr. Steve Stewart is the sole shareholder of Stewart Holdings Ltd. Steve has not been too involved in the preparation of the corporate income tax returns in the past neither is aware of the rules under the Income Tax Act, so he has several questions for you about the administrative requirements for income tax purposes for his corporation, Stewart Holdings Ltd.
- A few weeks after filing the corporation’s tax return, Mr. Stewart receives a Notice of Assessment from Canada Revenue Agency that indicates that changes were made to the current year’s tax return for Stewart Holdings Ltd. Mr. Stewart does not agree with the changes made by Canada Revenue Agency and would like to dispute the matter. Explain to Mr. Stewart the process for disputes or appeals with Canada Revenue Agency.
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