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It’s been exactly 3 days since the filing due date for most income tax returns (Most tax returns because for the self-employed, they have until June 15th but … more on that later). And if you have not filed your income tax return for the 2017 tax year, you could be in trouble of piling on more tax debt (if you owe taxes) as the CRA will charge a late-filing penalty. Yes, there is a late-filing penalty if you fail to file a return on time and owe tax for 2017. The penalty is 5% of your 2017 balance owing, plus...
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Here are some of the important things you need to know this tax filing season. April 30, 2018: Most Canadian income tax and benefit returns for the tax year 2017 are due on April 30, 2018. June 15, 2018: If you or your spouse or common-law partner is self-employed, you have until June 15, 2018 to file your income tax returns. Express NOA: Tax preparers using certified tax software will be able to print a notice of assessment right after filing. Canada Post outlets: Canadians can now make in-person payments using cash or debit card at any Canada Post outlet. Extended...
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Tax slips are prepared by your employer, payer or administrator. Expect to receive most of your slips and receipts by the end of February. As for T3 and T5013 slips, these will be sent out before the end of March. If you have not received your tax slips by the date mentioned above or have misplaced a slip for the current year, you will have to ask your employer or the issuer of the slip for a copy. You can also get a copy on the CRA’s My Account for Individuals service (if you are registered for this service). If you...
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Here are some important reminders for the self-employed individuals. ·         You have to report your income from any business you run yourself or with a partner.  Business income that must be reported includes money you earn from a profession, trade, manufacture or undertaking of any kind you carry on for profit (and there is evidence to support that intention).  If you fail to report all your income, CRA may subject you to a penalty of 10% of the amount of income you did not report. ·         It is important to keep complete and detailed records.  Your records must be detailed enough...
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