Why file on time?

Filing early helps ensure your benefit and credit payments are not delayed or stopped. These include:

  • GST / HST Credit
  • Canada Child Benefit (CCB)
  • Related Provincial and Territorial Programs

Penalties

The CRA may charge you a penalty if any of the following applies:

  • You filed your return late and you owe tax.
  • You knowingly or under circumstances amounting to gross negligence have made a false statement or an omission on your tax return.

Covid 19 Tax due date changes »

Missing Information

File your return on time even if you do not have all of your slips or receipts. You are responsible for reporting your income from all sources to avoid any penalties and interest that may be charged.

If you know you won’t be able to get a missing information slip by the due date, use your pay stubs or statements to estimate your income and any related deductions and credits you can claim. Enter the estimated amounts on the appropriate lines of your return.

Tips

Keep supporting documents


Even if you do not have to attach certain supporting documents to your return, or if you are filing your return electronically, keep your supporting documents for six years in case the CRA selects your return for review. Also, keep a copy of your return, the related notice of assessment, and any notice of reassessment.


Tips

Interest on amount owing


If you have a balance owing for the tax year, the CRA charges daily interest on any unpaid amount. This includes any balance owing if the CRA reassesses your return.


Covid 19 changes

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Every individual who is a resident of Canada and who has taxable income must file an income tax return with the Canada Revenue Agency on an annual basis. People who don’t fully understand details of Canadian income tax will not take full advantage of all deductions and credits to which they are entitled. More complicated tax situations will always require the knowledge and ability of a highly trained professional.

All corporations — including non-profit organizations, tax-exempt corporations, and inactive corporations — have to file a T2 return for every tax year, even if there is no tax payable. The only exceptions to this rule are tax-exempt Crown corporations, Hutterite colonies, and corporations that were registered charities throughout the year. Corporations are a separate legal entity they are also a separate entity for tax purposes as well. The T2 Corporate Income return is much for complex than the T1 Personal Income Tax Return. Special consideration must be made by your accountant to determine whether or not to treat the owner draws from the company as a salary (T4) or dividend (T5).

Bookkeeping is the building blocks of the corporate's financial accounting system. Bookkeepers are responsible for recording and classifying the accounting transactions of the corporate and techniques involving recording those transactions.The benefits of having a proper bookkeeping system are in the accuracy of the financial reporting

The goods and services tax (GST) is an indirect federal sales tax that is applied to the cost of certain goods and services. The business adds the GST to the price of the product, and a customer who buys the product pays the sales price plus the GST. The GST portion is collected by the business or seller and forwarded to the government. The GST return is a calculation in the difference as to how much GST has been collected versus paid out in a particular reporting period. All businesses with taxable sales in excess of $30,000.00 a year must register and charge GST.

In the accounting world, doing payroll is a very crucial job. The calculations must always be accurate, the paychecks must be printed on time, new and departing employees must be added to or deleted from various processes, and the taxes must be remitted to the proper authorities on time and in the correct amount. As soon as the process ends, it begins again.

Notice-to-reader statements are simply compilations of information provided by the corporation. A Notice to Reader Financial Statement is a financial statement compilation engagement prepared by Chartered Accountants providing no assurance (and provides no opinion). The business financial statement has not been audited or reviewed; therefore, it does not have the level of reliability associated with audits or review engagements. When firms offer no assurance on financial statements that they prepare or assist in preparing, they issue a Notice to Reader Financial Statement report.

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