Dean-Sinclair Chartered Professional Accountants - Information, 27 Jun 2019 1:29:03 -0700en-usImportant Dates, 22 Aug 2016 6:11:38 -0700

February 28 – Due date for the filing of T4, T4A and T5 information slips.

March 1 – Last day you can contribute to a RRSP for the previous tax year.

March 15, June 15, September 15, December 15 – Due dates for individuals who are required to make instalment payments to CRA.  The CRA sends out the instalment reminders twice a year – in February for the March and June payments, and in August for the September and December payments.

20th of each month – The Canada Child Benefit (CCB), which is a benefit available for families with children under 18. The amount you receive depends on the number of children you have and your net family income.

April 5, July 5, October 5, January 5 – If eligible, you should receive the quarterly HST credit around these dates.

April 30 – Generally your personal tax return is due on or before April 30. If you or your spouse earns self-employment income, your tax return can be filed by June 15, but any taxes must be paid by April 30.  Note that even if you’re expecting a refund, the CRA warns that being late with the forms could delay some other payments such as the HST credit or Old Age Security benefits.

June 15 – Last day for filing tax returns for the prior year if you or your spouse/partner carried on a business.   But if you have a balance owing, you still have to pay it on or before April 30 or interest charges will apply.

December 31 – If you were born in 1940, December 31, 2011 is the last day you can contribute to your own RRSP.  Your RRSP will mature and the funds in the plan must be removed.  However, if you still have unused RRSP contribution room or will continue to generate earned income you may still be able to make RRSP contributions to a spousal RRSP.

Tax Tips, 22 Aug 2016 6:04:26 -0700Are you looking for a way to decrease your current year tax bill and save for retirement? Contributing to a registered retirement savings plan (RRSP) will reduce your taxes and defer the taxation of future investment income until the RRSP’s are withdrawn from the plan upon retirement.

Do you have some cash or investments that you would like to invest in a tax-efficient manner but don’t want to lock into an RRSP?  Opening up a tax-free savings account (TFSA) is a way to earn tax-free investment income while maintaining the ability to withdraw the money without any adverse tax consequences.

Are you retired and receive a pension?  You can split up to 50% of eligible pension income with your spouse or common law partner.

Do you work in the trades?  Tradespeople can deduct part of the cost of eligible tools purchased throughout the year.

Did your business employ an apprentice?  A salary paid to an employee registered in a prescribed trade in the first four years of his or her apprenticeship contract qualifies for a tax credit.

Are you disabled or know someone who is?  There are tax benefits and new savings opportunities available such as the Disability Tax Credit and a new federal government sponsored savings plan called the Registered Disability Savings Plan (RDSP).

Are you thinking of returning to school or do you have a student pursuing post-secondary studies in your family?  There are a number of tax benefits available including the tuition credit which can be used by the student or transferred to a supporting spouse.  Other tax-saving opportunities exist such as a tax credit or a deduction on student loans, child-care expenses, transit passes, rent/accommodations and moving expenses.

Have you recently moved to another part of Canada for work or school?  You may be able to recoup some of your moving costs by claiming them on your tax return against any income you earn at your new location.

Feel free to contact us if you have questions about any of the above tips.

FAQ, 22 Aug 2016 6:01:52 -0700How does a tax-free savings account (TFSA) work?

Canadian residents age 18 or older can contribute up to $5,000 annually to a TFSA.  Unused TFSA contribution room is carried forward and accumulates in future years.

Contributions are not tax deductible; however, investment income earned in a TFSA is tax-free and withdrawals are tax-free.  Full amount of withdrawals can be put back into the TFSA in future years.  Re-contributing in the same year may result in an over-contribution amount which would be subject to a penalty tax.

How does a registered retirement savings plan (RRSP) work?

A RRSP is a retirement plan that you or your spouse or common-law partner establish and contribute to.   The maximum amount you can contribute is determined by your earned income from the prior year as well as deduction room carried forward from the prior year.

Deductible RRSP contributions can be used to reduce your tax.  Any income you earn in the RRSP is usually exempt from tax for the time the funds remain in the plan.  However, you generally have to pay tax when you cash in, make withdrawals, or receive payments from the plan.

How long should I keep my old tax records?

The Canada Revenue Agency (CRA) can ask to review an individual taxpayer’s tax return for up to three years from the date of assessment.  For businesses, the CRA recommends you keep records and source documents for at least six years from the end of the last tax year to which they relate.  However, some documents like an accounting ledger and corporate minutes need to be kept forever.

Links, 17 Dec 2013 7:27:15 -0700
  • Forms & Publications
  • Canada Revenue Agency
  • Province of Ontario
  • Province of Quebec
  • City of Pembroke
  • Town of Petawawa
  • Town of Deep River
  • Town of Renfrew
  • City of Ottawa
  • Ottawa Senators
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    Information, 08 Nov 2011 8:23:00 -0700