Tax Compliance

Individuals who did not have any income are not required to file their income tax return in Canada. However, in most cases it makes sense to file such tax return anyways as most people qualify for certain refundable benefits even if they did not have any income. It is also possible to file tax returns up to the last ten years. Employees should receive their T4 slip by the end of February following the year in which they worked. Due date to submit personal tax return is April 30.

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Self employed individuals can submit their tax return until June 15, although it should be noted that tax payments should be done by the end of April to avoid late payment interest on the balance owing.

 

Unlike individuals, corporations’ tax year can differ from a calendar year. Each corporation has six months after the year end to file its corporate tax return. If there is balance owing, a payment should be made within 2 or 3 months (depends on the type of corporation) after the year-end to avoid late payment interest.

 

In addition to income tax returns, business owners are also responsible for preparing and filing certain information returns such as T4s for their employees, T5s for dividend recipients and other forms depending on the type of transactions and volume.

 

At Taxter we make sure you are aware of all compliance requirements that apply to your organization and can assist with preparing and filing all of the applicable tax returns/forms.