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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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Once you have filed your tax return, when can you expect to receive your tax refund for 2016? After you have filed your tax return, you can expect to receive your notice of assessment and any applicable refund from the CRA within: 2 weeks of receiving your electronically filed return or 8 weeks of receiving your paper filed return. Please note that these timelines are only applicable if you have filed your tax returns on or before the filing deadline and that it may take longer to process a return if it is selected for a more detailed review. It is...
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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You have to repay any of your old age security or employment insurance benefits.- You have not repaid all amounts withdrawn from your registered retirement...
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Your tax slips are prepared by your employers, payer or administrator.  Most tax slips and receipts will be sent out to you by the end of February.  However, T3 and T5013 slips do not have to be sent out before the end of March.  There are several types of tax slips that you might want to be aware of. 1.     T4 slips include the following:  T4 Statement of Remuneration Paid, T4A Statement of Pension, Retirement, Annuity and Other Income, T4A (OAS) Statement of Old Age Security, T4A (P) Statement of Canada Pension Plan Benefits, T4E Statement of Employment Insurance and Other...
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