Frequently Asked Questions About Taxes

While preparing your taxes may seem like a chore, making sure they are ready and filed on time can entail several benefits. However, when it comes to actually filing taxes, many businesses and individuals find themselves faced with questions to which answers are challenging to come by. If you are in a similar position, fret not at as M.O.E. Commercial Accounting Network Inc. is here to answer some of the most frequently asked questions about taxes.

1. When are T4’s due to be filed with the Canada Revenue Agency (CRA)?
Your T4’s must be filed with the CRA by February 28 of the following calendar year.

2. When are T5’s due to be filed with the CRA?
Your T5’s must also be filed by February 28 of the following calendar year.

3. When are personal income taxes due?
In Canada, personal income taxes are due by April 30 of the following year.

4. When are personal business income taxes due (for an unincorporated business)?
The personal business income taxes for an unincorporated business are due by June 15 of the following year.

5. When are corporate returns due?
Corporate returns need to be completed and submitted to the CRA six months following the fiscal year-end.

6. When should you register for an HST number?
If you believe you will make over $30,000.00 in revenue or make any major purchases, you need to register for an HST (harmonized sales tax) number. In case of special circumstances, please feel free to contact us.

7. How to make a change to a return that has already been assessed?
To make changes to returns that are already assessed, you need to prepare and submit a T1 Adjustment by mailing it to the CRA or submitting any adjustments through “My Account” online.

8. When filing a final tax return, what do I need to do when someone passes away?
In this situation, you need to notify the CRA as soon as possible. You must also send a copy of their Death Certificate, Will, and authorization letter stating who is authorized on the account to CRA.

If you have any more questions about taxes, get in touch with the experts at M.O.E. Commercial Accounting Network Inc. We are certified bookkeepers in Timmins, Ontario, and we offer a broad range of solutions to help you manage your finances and your business. Our goal is to help businesses maximize their operating efficiency to derive the profits they desire. We offer a full service from monthly bookkeeping with management reports and online reviews for clients who do their own bookkeeping. As a complement to our bookkeeping, we also offer budgeting and grant applications for our clients.

To learn more about how we can help you, please click here or contact us by clicking here.