knowledge topics
Enforcement - Individuals
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Identify interest rates applied by the Canada Revenue Agency to tax account balances for an individual taxpayer.1
- Charged for outstanding income tax payable
- Refunded for overpayments of income tax
- Explain how interest on tax owing is calculated.1
- Explain income tax and reporting penalties for individuals.1,2
- Explain remedies available to the CRA for non-payment of income taxes, omission of information or falsifying information.3
Glossary of Verbs (mouse over to see definition)
-
Define
To state exactly the meaning of
-
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
-
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
-
Compare
To note the similarities and differences between two or more things
-
Estimate
To determine an approximate value for
-
Calculate
To find the value using mathematics
-
Convert
To change from one form or purpose to another
-
Evaluate
To reach a conclusion or make a judgement through careful study
-
Interpret
To give the meaning of / to construe or understand / to translate orally
Read more about the Taxonomy used in the FP-BoK
previous / Income Taxes Payable - Individuals