Subscribe to this list via RSS Blog posts tagged in File tax
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...
Continue reading
Rate this blog entry:
0
Repeated failure to report income penalty:  If you failed to report an amount for 2016 and you also failed to report an amount on your return for 2013, 2014 or 2016, you may have to pay a federal and provincial or territorial repeated failure to report income penalty.  If you did not report an amount of income of $500 or more for a tax year, it will be considered a failure to report income. The federal and provincial or territorial penalties are each equal to the lesser of: -      10% of the amount you failed to report on your return for...
Continue reading
Rate this blog entry:
0
If you owe taxes for the 2016 tax year, the CRA charges compound daily interest starting May 1, 2017, on any unpaid amounts owing for 2016.  This includes any balance owing if you were reassessed. In addition, the CRA will charge you interest on the penalties starting the day after your return is due.  Note that the rate of interest the CRA charges can change every three months.  You will have to check the Prescribed interest rates on the CRA’s website. If you have amounts owing from previous years, the CRA will continue to charge compound daily interest on those amounts. ...
Continue reading
Rate this blog entry:
0
Tax season has officially arrived and for some, the first question to ask is: Do I have to file a tax return this year? You must file a tax return for 2016 if:- You have to pay tax in 2016.- You received a request from CRA to file a return.- You and your spouse elected to split pension income.- You received working income tax benefit advance payments in 2016.- You disposed of capital property in 2016.- You have to repay any of your old age security or employment insurance benefits.- You have not repaid all amounts withdrawn from your registered retirement...
Continue reading
Rate this blog entry:
0
Subscribe

If you have a question about one of our products or services, please do not hesitate to contact us!
Please Enter Your Name
Please Enter A Valid Email
Please Enter Your Phone Number
Please select your preferred method of contact.
Refresh Please letters shown!

KD Professional Services
Monday-Friday 9am- 5pm
102, 221 18th Street SE
Calgary, AB, T2E 6J5

403-219-0602
403-219-0603

Read our Tweets