The personal tax filing deadline is April 30 each year. If you or your spouse are self-employed, you have until June 15 to file, but any balance owing is still due April 30.
You should gather T4 income slips, T5 investment slips, RRSP contribution receipts, tuition forms (T2202), childcare expenses, medical receipts, donation receipts, rental income info, self-employment records, and any other income or deduction documents.
Yes — it’s generally recommended. Filing keeps your benefits active (GST/HST credit, CCB, ODSP supplements, Trillium Benefit) and ensures you don’t miss out on refunds or credits.
CRA charges interest and late-filing penalties on amounts owing. The sooner you file, the less you’ll pay.
You can request an adjustment using CRA’s “Change My Return” tool or by filing a T1-ADJ. We can assist with submitting corrections and ensuring accuracy.
This depends on your situation. Common credits include medical expenses, tuition, RRSP contributions, union dues, donations, disability credits, moving expenses, and child care costs.
Yes. Canada taxes worldwide income, so any earnings from outside the country must be reported. Additional reporting may be required depending on the amount.
A corporation must file its T2 return six months after its fiscal year-end. Any tax owing is generally due within two or three months of year-end, depending on the corporation’s status.
Common deductions include salaries, utilities, rent, vehicle expenses, office supplies, advertising, professional fees, meals (50%), travel, and business-related software/equipment.
Both have advantages. Salary creates RRSP room and reduces corporate taxable income. Dividends are taxed differently and may be more flexible. The best mix depends on your goals — we can help determine the right strategy.
CRA applies penalties and interest on unpaid balances. Late filings also risk losing access to certain small business deductions.
Corporations with a tax liability over a certain amount must make monthly or quarterly instalments. CRA determines the amount based on past filings.
Eligible Canadian-controlled private corporations (CCPCs) can reduce tax on the first portion of active business income. This deduction significantly lowers the corporate tax rate.
Invoices, receipts, bank statements, payroll records, shareholder documents, and financial statements. Records must be kept for six years.
You must register once you earn $30,000 or more in taxable revenue within any 12-month period. Many businesses choose to register earlier to claim Input Tax Credits (ITCs).
The CRA assigns your filing frequency — monthly, quarterly, or annually — based on revenue. Annual registrants may still have to make quarterly instalments.
CRA charges penalties and interest, even if no HST is owing. They may also freeze refunds or credits until all filings are up to date.
ITCs allow you to recover the HST you paid on business expenses such as supplies, equipment, software, rent, and more — as long as the expenses relate to your commercial activity.
Ontario uses HST, which combines federal GST and provincial sales tax into one rate (13%). Some provinces charge GST (5%) plus a separate PST.
You can claim business-related expenses such as supplies, equipment, home office use, mileage or vehicle costs, advertising, meals (50%), travel, software, and subcontractor payments.
It’s strongly recommended. Separating business and personal finances simplifies bookkeeping, reduces errors, and is essential for CRA compliance.
You should use bookkeeping software (QuickBooks, Xero), keep receipts, maintain logs for mileage or home office use, and reconcile your accounts regularly.
If you earn under $30,000 in a 12-month period, HST registration is optional. Once you hit $30,000, it becomes mandatory.
Self-employment income is reported on a T2125 form with your personal tax return. This includes revenue, expenses, assets, and business details.
You may claim a portion of rent/mortgage interest, utilities, internet, home insurance, and property taxes — based on the workspace percentage used for business.
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