A Full Service Accounting Firm in the Heart of Kings County

Resources

For your convenience we have compiled some useful information to assist with various business and personal accounting needs

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F.A.Q

Q: When are my taxes due?
A:

Personal
Personal taxes are due April 30th.

Corporation
6 months after the year end is finished. For example, if your year end is December 31st your taxes needed to be filed by June 30th. However, any amount owing is still due three months after your year end. In this case, the date would be March 31st.

Unincorporated business or farm
The filing deadline is June 15th.The amount owing is still due April 30th.

Q: If I have a business, do I need to register for HST?
A: Not all businesses are required to register for HST, this is dependent on the sales income. If your sales income exceeds $30,000, than you are required to register. Another aspect to consider is whether your industry is exempt from HST, such as insurance brokers or special care homes.
Q: Should I incorporate?
A: This is dependent on various factors including liability and taxation issues as well as workers compensation. We strongly encourage you to meet with us before making this decision. Prior to your appointment,  it is helpful for us to know how much of your business income is used for personal expenses such as groceries or other household purchases.
Q: How do I pay my taxes or other money I owe to the government?
A: You can pay at the bank with a voucher provided by the government, via online banking with the CRA set up as a payee, via online banking using the My Payment function on the CRA website or by mail to your nearest tax centre.
Q: What do I need to file my taxes?
A: Click here for our checklist.
Q: I am a new client. What information do you need?
A:  We’ll need your last filed tax return along with the previous notice of assessment. In addition, if a client would like to file a return for the present taxation year but has not filed for several previous years, they will be required to do so before they file for the present year. For example, if a client would like to file a 2017 return but has not filed their 2016, 2015 or 2014 returns, they will need to file those previous taxation years.
Q: What is the deadline for filing T4’s?
A: The deadline for filing T4’s is February 28th.
Q: What is the deadline for contributing to RRSPs?
A: RRSPs must be purchased within 60 days of the end of the calendar year, which is usually March 1st. During a leap year, the deadline is February 29th.
Q: What do you mean by “notice of assessment?”
A: After each return is filed, clients will receive a notice of assessment from the Canada Revenue Agency that details the amount of their tax refund, tax credit and income tax already paid.  
Q: How long do I keep my tax documents?
A: Clients are required to keep their tax documents for the next seven years. Keep in mind that Canada Revenue Agency requires individuals and corporations to ask for permission before destroying documents. Additionally, our firm keeps the tax return but not the original documents for medical and donation receipts,T4s etc. Clients are responsible for keeping their original documents, which could be requested by Canada Revenue Agency at anytime.
Q: What government organization is responsible for taxes? How do I contact them?
A: Canada Revenue Agency

Business

1-800-959-5525

Personal/Individual

1-800-959-8281

To confirm your identity, Canada Revenue Agency will request information from your previous tax return.

Q: How long do I have to wait until I receive my refund?
A: This may fluctuate, but you will generally wait 10 business days after your tax return is filed.

Links

 

Forms

TL2-Claim

Claim for Meals & Lodging Expenses

Download

Property Tax Allowance

Residential Property Tax Relief Act Section 6.1(1)

Download

Low Income Senior Benefit

Application for Low-Income Seniors’ Benefit

Download

HEAP Application Form

Application for Home Energy Assitance Program

Download

TL2-Claim

Claim for Meals & Lodging Expenses

Download

Property Tax Allowance

Residential Property Tax Relief Act Section 6.1(1)

Download

Low Income Senior Benefit

Application for Low-Income Seniors’ Benefit

Download

HEAP Application Form

Application for Home Energy Assitance Program

Download

Disability Tax Credit

Use this form to apply for the disability tax credit (DTC).

Download

CPT30

Election to Stop Contributing to the Canada Pension Plan, or Revocation of a Prior Election

Download

Conditions of Employment

The employer must complete this form for the employee to deduct employment expenses from his or her income.

Download

Disability Tax Credit

Use this form to apply for the disability tax credit (DTC).

Download

CPT30

Election to Stop Contributing to the Canada Pension Plan, or Revocation of a Prior Election

Download

Conditions of Employment

The employer must complete this form for the employee to deduct employment expenses from his or her income.

Download

Do you have questions? Contact us now!

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