Tax-tips-links

TAX TIPS, RESOURCES AND LINKS


TAX TIPS
Important dates
  • Top up of 2016 payroll deduction payments due on or before January 16, 2017 
  • T4 and T5 are due February 28, 2017
  • RRSP contributions due February 28, 2017
  • T3 and T5013 are due March 31, 2017
  • T1 personal tax returns due May 1, 2017 
  • T1135 Foreign Income Verification Statement due May 1, 2017
  • T1 self-employed personal tax returns due June 15, 2017 (balance owing due May 1, 2017)
  • T2 corporate tax returns are due six (6) months after year end date (balance owing due three (3) months after year end date) 
    Individual
    Earnings on employed or net self-employed income in excess of $3500, maybe pensionable and need to remit CPP contributions. If you have CPP eligible earnings you are required to file a tax return including all worldwide income. You are required to pay taxes on income greater than the basic exemption amount. Filing a tax return lets you take advantage of the social programs available to you and/or family.

    Business
    Every business is required to keep reliable and accurate bookkeeping records and keep source documents for 10 years. Having good financial information and reports will allow management to make optimal business decisions, cut-down costs, plan cash flow, develop business growth, and minimize taxes. Every business is also required to ensure the corporate minute book is kept up-to-date every year in accordance to the Business Corporations Act.

    Tax Planning
    Now is the time to plan for the 2016-2017 taxation year for both personal and corporate taxes. Wonder how? Call us and we can assist you with a tax plan.

    We are able to assist you in completing the information returns as well we are authorized by CRA to electronically file the information returns to CRA on your behalf. It’s that simple.

    RESOURCES
    Alberta Chartered Professional Accountants Act

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