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If you have a modest income and a simple tax situation, volunteers from the Community Volunteer Income Tax Program may be able to do your taxes for you, for free. The clinics are usually open from February to the end of April, with some open year-round. See if you’re eligible here.
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A qualified accountant can also help you with tax planning which involves more than just preparing for the current tax year. A qualified accountant can help you plan for how future tax years will turn out. They can even guide you to create a plan for retirement.
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If you have a modest income and a simple tax situation, community volunteers may be able to do your taxes for you, for free. Free tax clinics are usually open from February to the end of April, with some open year-round. Find a free tax clinic near you.
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If you are fully registered for My Account, you can use Auto-fill my Return to automatically fill in parts of your current and prior-year income tax and benefit returns, making filing even simpler. You will also be able to use the Express NOA service to get your notice of assessment right after you file your return.
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At month end, we calculate payroll tax to determine the amount your employer is responsible for paying Canada Revenue Agency for the deductions taken from the employee paychecks, known as remittance, plus the employer’s portion of Employment Insurance and Canada Pension Plan (CPP).
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You can deduct interest incurred on money borrowed for business purposes or to acquire property for business purposes. However, there are limits on: Usually, you can only deduct interest up to the amount of income from the land that remains after you deduct all other expenses.
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A business plan will increase your chances of success. If you don’t think you can do it yourself, get help. There are plenty of experienced companies that can assist you.
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If you have never filed a return or haven’t filed for a few years, the CRA can help. You may be eligible for relief of interest, penalties, and prosecution by applying to the Voluntary Disclosures Program.
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As per Canada Revenue Service (CRA) guidelines, Canadian corporations must file a T2, or corporate income tax return, every year, even if there is no tax payable. Corporate tax returns must be filed within six months from the end of a corporation’s fiscal year.
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