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What’s New?
The EFILE and ReFILE
From February 20, 2023, to January 26, 2024, services will be available for the electronic filing of the 2017 T1 personal income tax and benefit returns, 2018, 2019, 2020, 2021, and 2022.
Know your RRSP Limit!
Overpayment carries a 1% monthly penalty. Please contact our office if you are unsure of your limit, and we will determine it for you.
New Childcare Subsidy Program
Overpayment carries a 1% monthly penalty. Please contact our office if you are unsure of your limit, and we will determine it for you.
Scams!
You are never threatened with jail time or deportation over the phone by CRA. They don’t ask for your account number when they email you tax refunds to be deposited into your bank account. Please note the person’s name, phone number, and CRA badge ID and get in touch with our office if you have any questions about a request from the CRA.
T4's T5's and All Income Slips
Slips must be issued before the end of February, with the exception of T3 slips. The end of March is the T3 deadline. There will be a minimum penalty of 20% of the amount missed if a slip is missed! Please make sure you give us all of your slips.
Penalties
The CRA has stepped up its efforts to ensure that everyone files their taxes on time. You are only required to file a tax return if you owe money or if you receive a request to do so. According to the letter, you have 30 days to file or risk a fine of $1000 to $25000. Please get in touch with us right away if you have received a request to file so that we can assist you in meeting the deadline.
Real Estate Sales
All real estate transactions, including those involving your primary house, must be declared on your personal return as of 2016. The purchase price, the date of purchase, and the sale price are required. Although selling your primary house has no tax repercussions (provided it was not rented out or utilized as a place of business), failing to record the transaction might result in a fine of up to $8,000.
NOTE: Please get in touch with us to fill out the necessary paperwork and modify your return if you haven’t submitted the sale from a prior transaction. The capital gains exemption could be lost if the sale is not reported.
Penalties
The CRA has stepped up its efforts to ensure that everyone files their taxes on time. You are only required to file a tax return if you owe money or if you receive a request to do so. According to the letter, you have 30 days to file or risk a fine of $1000 to $25000. Please get in touch with us right away if you have received a request to file so that we can assist you in meeting the deadline.
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