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If you owe taxes for the 2017 tax year and have failed to pay in full by April 30, 2018, the CRA will charge compound daily interest starting today, May 1st, on any unpaid amounts owing for 2017. This includes any balance owing if your tax return was reassessed. In addition to this, the CRA will charge interest on the penalties starting the day after the filing due date. You will need to check the prescribed interest rates on the CRA’s website for the rate of interest as it changes every 3 months. If you have amounts owing from previous years,...
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Here are some more important pointers you need to know about your tax refund for the tax year 2017. 1. Checking the status of your refund: You can go online and use MyAccount or MyCRA mobile application. You can also call Telerefund at 1-800-959-1956. If you use Telerefund, make sure you have the following information ready: your SIN, your birthdate and total income entered on line 150 of your 2016 and 2017 return.2. Transferring your refund: You can request for your refund to be transferred to your installment account for 2018 by selecting option when filing electronically or by attaching a...
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As we wrap up the tax filing season, we will be looking at some of the things you will need to know after you have filed your income tax return. One of the more important topics related to wrapping up the tax season is the TAX REFUND. Here are some important pointers you need to know about your tax refund for 2017 (if you are expecting one).1. Receiving your Tax Refund: The CRA aims to issue a notice of assessment, including any applicable refund, within 2 weeks of receiving your electronically filed return or 8 weeks of receiving your paper filed...
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The Department of Finance has published details of its simplified measures to address income sprinkling. These proposed measures will take effect in 2018 and subsequent tax years. The simplified measures will clarify the process of determining whether a family member is significantly involved in a business, and is therefore excluded from potentially being taxed at the highest marginal rate. The proposed measures include tests to automatically exclude individual members of a business owner’s family who fall into any of the following categories: • The business owner’s spouse, provided that the owner meaningfully contributed to the business and is aged 65 or...
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