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Get the free ARCHIVED - Income Tax - Technical News No. 44

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CRA BULLETIN Issue 44 3 March 2009 Signed: ___ ___Dated: ___UPDATE ON COURTESY / REPLACEMENT VEHICLES The following is an update to CRA Bulletin Issue 21 (26 July 2005). CHARGE If you choose to charge
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Archived income tax is a tax that must be paid on income that was earned during a specific period but was not previously reported or paid.
Any individual or entity that failed to report or pay income tax for a specific period may be required to file archived income tax.
To fill out archived income tax, individuals or entities must accurately report all income earned during the specific period in question and calculate the corresponding tax owed.
The purpose of archived income tax is to ensure that all income earned during a specific period is reported and taxed appropriately, even if it was not done so in the past.
On archived income tax, individuals or entities must report all income earned during the specific period in question, including sources of income and any deductions or credits that may apply.
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