Answer: To file your Personal income tax returns, you have until 30th April.
Answer: If you or your spouse carried on a sole-prop business during the year, you have until June 15, 2018 for you both to file your personal taxes.
Answer: All tax liabilities owed to the CRA on your personal taxes, are due by April 30th.
Answer: The instalment letters are based on last year’s assessment of your personal taxes. The payments are mandatory and NEED to be made to avoid installment interest.
Answer: No, if the total taxes owing for the year are less than $3,000.
Answer: A Notice of Assessment is issued by the CRA at the assessment of your filed tax return. It is to verify the information that you have filed against the records of the CRA.
Answer: A revised Notice of Assessment is issued by the CRA after the initial NOA. This may be due to additional or missing information that has come to the attention of the CRA, which was not reported on your initially filed personal tax return.
Answer: Filing your tax return electronically with the CRA. It allows your tax returns to be processed faster with a quicker turnaround from the CRA.
Answer: Unfortunately, there are some shady individuals requesting your personal information. DO NOT divulge your personal details and DO NOT make any payments without substantiating all the facts.
Please see the CRA article below for more information: https://www.canada.ca/en/revenue-agency/corporate/security/protect-yourself-against-fraud.html#h1
Answer: If you own/hold foreign property with a cost of more than $100,000, we need to file a Foreign Income Verification Form (T1135) on your behalf. This form can be quite complex, but luckily Positive Accounting is here to help.
Answer: The deadline for contributing to an RRSP is March, 1.
Answer: Slips are prepared by your employer, payer, or administrator. You should have received most of your slips and receipts by the end of February. However, T3, and T5013 slips do not have to be sent before the end of March.
Answer: It is CRA’s goal to issue a notice of assessment, including any applicable refund, within:
- two weeks of receiving your electronically filed return; or
- eight weeks of receiving your paper filed return.
These timelines are only valid for returns received on or before their filing due dates.
The CRA may take longer to process your return if it is selected for a more detailed review.
Answer: Wait until you receive your notice of assessment before asking for changes to your return. Upon request, we can file a T1 Adjustment on your behalf to amend specific lines on your personal tax return.
Answer: Every client’s needs are unique and accordingly our advice needs to be tailored and customized to your circumstances.
To guide you in making this decision, please visit https://www.positiveaccounting.ca/accounting/incorporation/