Retain all documents relating to your income tax returns for at least 7 years, in case you are asked to provide this information at a later date.

* Social Insurance Number (SIN)
* Date of Birth
* Mailing Address
* Rent Receipt
* Income Slips i.e. T4, T4A, T4E, T4RSP, T5, T5007,
* Tuition Slip T2202A
* Direct Deposit information or Void Cheque (if wants to receive payment in bank)
* Others

Generally, taxpayer must be filing their annual calendar year income tax return on or before April 30 of the following year. Upon filing tax return after April 30 if taxpayer owe income tax, CRA will charge late-filing penalty and interest on any unpaid amounts. For Self-employed taxpayer the deadline of tax filing is June 30 of the following year.

For Business Corporation, tax filing deadline is within 6 months form the last day fiscal year.

Every Canadian resident including international student, work permit holder may be eligible for certain benefits i.e. Canada Carbon Rebate, Canada Child Benefit, General Sales Tax, Ontario Trillium Benefit, etc. Taxpayer must file their income tax return each year to make them eligible for receiving benefits.

Yes, CRA always needs to know where you live to receive your benefits. If the mail returned to CRA, they will stop all payments until you contact them with your new address.

YES, every Canadian resident has to submit their tax return if worked (part-time or full time) or not worked during the year.

Tuition, education, and textbook amounts are non-refundable tax credits that allow students to reduce their income tax liability. Tuition credits are accumulated over the years, when you start work and are having income tax deducted by employer, accountant can use those credits to get you back the tax deducted from your pay cheques. In any given year the amount of refund is limited to the amount of tax deducted from your pay cheques. You can find your Tuition Slip (T2202A) from your college student account.

NO. This credit eliminated in 2017

Yes, if both spouses submit tax return together, more earning spouse can get spousal credit from other spouse. Moreover, to calculate benefit i.e. GST Credit, Canada Carbon Rebate and Ontario Trillium Benefit CRA calculate family income.

The GST/HST credit is a non-taxable quarterly payment that helps individuals and families with low and modest incomes offset all or part of the goods and services tax/harmonized sales tax (GST/HST) that they pay. You may be entitled to the GST/HST credit after your arrival in Canada if you are considered a resident of Canada for tax purposes. You will automatically be considered for the GST Credit, when you file your tax return, the CRA will determine your eligibility. The payment schedule for the GST Credit is quarterly beginning in July, October, January and April on the 5th of each month.

The Ontario Trillium Benefit combines the following: Ontario Sales Tax Credit. Ontario Energy and Property Tax Credit, and Northern Ontario Energy Credit. CRA calculate OTB on the basis of paid rent/property tax amount and family income reported in the tax return. The payment schedule for the OTB is monthly on the 10th of each month provided the total amount owed to you for the credit is greater than $360.

The Canada Carbon Rebate is a tax-free amount to help eligible individuals and families offset the cost of the federal pollution pricing. It consists of a basic amount and a supplement for residents of small and rural communities.

We make the application when we file your tax return, therefore it is important to be current with filing your taxes to ensure your benefits are not interrupted.

You may qualify for the credit when you become a resident of Ontario; however, you will have to file an income tax return for the year you arrived.

The Canada child benefit (CCB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under 18 years of age. Any CCB eligible family can make them eligible receiving CCB for next year through filling their income tax return. The payment schedule for the CCB is monthly on the 20th of each month.

According to the Canada Revenue Agency (CRA), individuals are classified as self- employed if they engage in independent contracting, operate as a sole proprietor, or participate in a partnership while providing a service or product with the expectation of making a profit. The CRA generally recognizes three categories of self-employment:
1. Independent Contractor: As an independent contractor, you offer a specific service to another party based on a contractual agreement.
2. Sole Proprietor: If you operate your business alone and it’s not incorporated, you’re considered a sole proprietor.
3. Partnership: A self-employed partnership involves the operation of a business by two or more individuals working together.

For self-employed taxpayer, the deadline for filing your tax return is June 17, 2024. However, it’s important to note that any amount due must still be paid by April 30,2024. To avoid late-payment penalties, it's recommended that you prepare your tax return well in advance of April 30th if you have self-employment income.

Expenses can be deducted if:
1. the expenses are reasonable
2. not personal expenses
3. incurred to earn income
Common expenses include –
 Advertising
 Insurance
 Interest and bank charges
 Legal, accounting, and other professional fees
 Rent or use of home
 Office expenses
 Salaries, wages, and benefits
 Supplies
 Internet and telephone
 Motor vehicle

Corporate income taxes are imposed on businesses and companies for their income in a period. The tax payable is generally determined from the net income of the entity, after deducting certain costs and expenses allowed by law.

Corporate tax returns are filed using the T2 return. There are certain equirements that will tell you if your business or company needs to file a T2 return. In filing your T2 returns, you must also consider the provincial or territorial corporation taxes that may apply.

All companies doing business in Canada must file a T2 return with the Canada Revenue Agency, even if your company has the following qualifications:

 You do not have to pay tax or are exempt
 You’re idle and haven’t accrued an income
 You’re a non-profit organization

Very few exceptions exist for the T2; for these cases, check with your accountant or the tax authorities.

In addition to the T2, there are the Schedules and the General Index of Financial Information (GIFI). Schedules give the CRA supplementary information about your corporation’s tax return and filings; you’ll find them split into two categories: 
1. Information schedules: general information and those relating to transactions
2. Calculation schedules: net income, taxable income, deductions, taxes, and credits

GIFI is the standard list of codes used to prepare financial statements. All corporations (apart from insurance corporations) must use the codes for their financial statements and file them with the T2 returns.

YES. Non-resident corporations must also file a T2 in Canada if they did business in Canada, achieved taxable capital gain, or disposed of taxable Canadian property.

Whether you’re filing with an internal accountant or having an external accountant to complete your corporate tax return, you will need to gather the following information:
* Company name and address
* The Business Number issued by the Canada Revenue Agency
* Statements of income and balance sheets filed with the General Index of Financial Information
* The company’s main activities and sources of income (investment income,etc.)
* Whether the company performs its activities or owns property abroad
* Whether you conduct activities in other Canadian provinces
* Whether the company received or paid dividends
* Any acquisition or disposal of fixed assets

If you’re a large company with shareholders, you must also have the first and last names, addresses, and country of residence for all company shareholders and authorized corporate signatory shareholders. You must also have information on whether shareholders hold shares in other companies or if the company is bound or associated with other companies.

Corporate tax return must be filed within six (6) months of the end of each tax year. The “tax year” of a corporation refers to its “fiscal year”.