For individuals – on or before April 30 of every year.
For self employed – on or before June 15 of the every year.
For corporations – within 6 months after the end of the corporation financial year
For trusts – within 90 days after year end.
For deceased individuals – later of 6 months after death and the normal due date.
If I didn’t file my tax return on due date, What will happen?
It is your responsibility to file your tax return within due date. If you miss the due date, you may face several problems. For example : Child Tax, GST/HST or Trillium benefits will be stopped.
However, you can file your tax returns even after due date.
If you are not balance owing, you are not penalized.
We can help you to file your previous tax returns up to 10 years.
LEAD Tax & Accounting provides:
E-file
Personal tax returns
Self-employed tax returns
Corporate tax returns
GST/PST/HST returns
Bookkeeping, Accounting & Payroll Services.
Business Consultancy
Business Registration
Complete Accounting Services for all Businesses.
Why LEAD Tax & Accounting are different :
Open year round
Guaranteed accuracy and confidentiality
Reasonable prices
Qualified professionals
Maximum refunds
Customer satisfactions
Business ethics is our symbol of trust
Free tax & accounting consultancy
You need to keep the following documents (if applicable):
All T4, T4A, T4E, T4RSP, T5007, RC-62, T3, T5 and other income slips.
Rental / property tax receipt
TTC passes / donations / Medical exp. / child care exp. / children’s fitness and arts receipts / RRSP (contribution / withdraw against HBP) / interest paid for student loan.
For seniors: T4A (P), T4 (OAS), T4 RSP, T4 RIF, T4 A, T3, T5
For students: Tuition, education receipt (T-2202 A), T4A
For rental income: Rental income & all home related expenses
For self-employed / corporation: Bank statements, all income and expenses slips
Your last year notice of assessment / reassessment.
How to adjust my prior year’s mistakes?
In this case, you cannot file tax return again of that year(s). You have to do your T-1 adjustment and send it to CRA by post.
What documents do I require for tax filing if I am a self-employed?
For a self-employed tax return, you need to keep all the bank statements, your income slips, and all the invoices (expenses receipts) related to business. When you have a car and you are using it for your business, you have to preserve fuel, repairs and maintenance, lease payments (if applicable) and other vehicle related expenses.
What happen if I don’t submit my corporate tax returns or pay taxes?
It is your responsibility to submit your tax return and pay taxes (if applicable) within due date. If your corporation is tax owing and does not pay the balance owing, CRA may freeze your bank account, garnish your receivables and even can put a lien on your property. They can also put you on a trial through the courts.
After filing my tax return, can I get help from LEAD Tax & Accounting if I am audited by CRA?
Yes, we are always with you once you are our client. We will handle any and all questions from CRA and will explain how we prepared your tax return.
