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Frequently Asked Questions
What is the tax filing due date?
· For individuals – on or before April 30 of the next year
· For self employed – on or before June 15 of the next year
· For corporations – within 6 months after the end of the taxation year
· For trusts – within 90 days after year end
· For deceased individuals – later of 6 months after death and the normal due date
If I did not file my tax return on due date, what will happen?
· It is your responsibility to file your tax return within due date. If you miss the due date, you may face several problems. For example, your child tax, GST/HST or trillium benefits may be stopped.
· However, you can file your tax returns even after due date.
· If you are not balance owing, you are not penalized.
· We can help you to file your previous tax returns up to 10 years.
If I am balance owing, what will happen?
· Penalty is 5% of the tax unpaid at the date on which the return was due to be filed.
· In addition, a further penalty of 1% of the unpaid tax is levied for each complete month for up to 12 months.
· A higher penalty equals 10% of unpaid tax plus 2% per month, for up to 20 months.
What makes ACT Finance Inc. different from others?
ACT Finance Inc. goes extra miles for our clients. Our values are:
· Open year round
· Guaranteed accuracy and confidentiality
· Reasonable prices
· Qualified professionals
· Maximum refunds
· Customer satisfactions
· Business ethics is our symbol of trust
· Free tax & accounting consultancy
What documents do I need to file my tax return?
· You need to keep the following documents (if applicable):
· All T4, T4A, T4E, T4RSP, T5007, RC-62, T3, T5 and other income slips.
· Rental / property tax receipt
· TTC passes / donations / Medical exp. / child care exp. / children’s fitness and arts receipts / RRSP (contribution / withdraw against HBP) / interest paid for student loan.
· For seniors: T4A (P), T4 (OAS), T4 RSP, T4 RIF, T4 A, T3, T5
· For students: Tuition, education receipt (T-2202 A), T4A
· For rental income: Rental income & all home related expenses
· For self-employed / corporation: Bank statements, all income and expenses slips
· Your last year notice of assessment / reassessment.
How to adjust my prior year’s mistakes?
In this scenario, you cannot do your tax file again of that year(s). You have to do your T-1 adjustment, and send it to CRA by post.
What documents do I require for tax filing if I am a self-employed?
For a self-employed tax return, you need to keep all the bank statements, your income slips, and all the invoices (expenses receipts) related to business. When you have a car and you are using it for your business, you have to preserve fuel, repairs and maintenance, lease payments (if applicable), and other vehicle related expenses.
I have a house and rental income, what documents do I need to keep for my tax return?
If you do not have any rental income, you need to keep the property tax receipt for tax purpose. When you have rental income, you require to preserve all of your house related expenses receipts or documents, such as, home insurance, interest paid for mortgage, legal fees, management and administration fees (applicable for condo), maintenance and repair, property tax and utility (hydro, water, gas etc.) bills.
What can happen if I don’t submit my corporate tax returns or pay taxes?
It is your responsibility to submit your tax return and pay taxes (if applicable) within due date. If your corporation is tax owing and does not pay the balance owing, CRA may freeze your bank account, garnish your receivables, and even can put a lien on your property. They can also put you on a trial through the courts.
After filing my tax return, can I get help from ACT Finance Inc. if I am audited by CRAS?
Yes, we are always with you once you are our client. We will handle any and all questions from CRA and will explain how we prepared your tax return.
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