What’s New?
The EFILE and ReFILE
Services are open for transmission from February 20, 2023 until January 26, 2024, for electronic filing of the 2017, 2018, 2019, 2020, 2021 and 2022 T1 personal income tax and benefit returns.
RRSP Deadline
February 29, 2024 is the last day to make RRSP contributions for the 2023 tax year. You have 60 days after the end of the year to make your RRSP contribution for the previous year.
Know your RRSP Limit!
The penalty for over contribution is 1% per month. If you are not sure of your limit please call our office and we will find it for you.
E-FILE Deadline
April 30, 2024 for T1 filing.
June 15, 2024 for businesses other than corporate (tax due April 30).
New Childcare Subsidy Program
Federal Provincial childcare agreement overview …CLICK HERE to read.
Scams!
CRA does not phone you and threaten you with jail or deportation. They do not email you tax refunds for deposit into your bank account asking you to supply the account number. If you are unsure of a request from the CRA, please take down the person’s name, phone number and CRA badge id and contact our office.
T4's T5's and All Income Slips
All slips with the exception of the T3 slips are to be issued by the end of February. T3’s are the end of March. Missing a slip will result in a minimum penalty of 20% of the amount missed! Please insure your supply us with all your slips.
Penalties
CRA has become extremely aggressive in making sure that everyone files there taxes on time. The only time you have to file a tax return is when you owe money or if they have sent you a request to file. The letter will state that you must file with 30 days or face a $1000 to $25000 fine. If you have gotten a request to file, please contact us as soon as possible so we may help you meet the deadline.
Real Estate Sales
Starting with 2016, ALL real estate transactions must be reported on your personal return including primary residence. You will need the purchase price, date of purchase and the sale price. Although there is no tax consequence on the sale of your primary residence (If it was not used as rental or had a business operating from it) there is up to a maximum of $8000 penalty for not reporting the sale.
NOTE: If you have not filed the sale from a previous please contact us to complete the forms and adjust your return. Non reporting of the sale may result in the loss of the capital gains exemption.
