Tax Tips, Resources & Links | Calgary Business Accountants

TAX TIPS

Important dates

T4 and T5 are due February 29, 2024
RRSP contributions due February 29, 2024
T3 and T5013 are due March 31, 2024
T1 personal tax returns due April 30, 2024
T1135 Foreign Income Verification Statement due April 30, 2024
T1 self-employed personal tax returns due June 15, 2024 (balance owing due April 30, 2024)
T2 corporate tax returns are due six (6) months after year end date with the balance owing due three (3) months after year end date.
NR forms due beginning of new taxation year
Non-resident returns due Jun 30, 2024

Individual

Employment earnings or net self-employed income in excess of $3,500, maybe pensionable and need to remit Canada Pension Plan (CPP) contributions. If you have CPP eligible earnings you are required to file a tax return on 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 the 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 and file the annual return every year in accordance to the Business Corporations Act.

Tax Planning

Now is the time to plan for the 2024-2025 taxation year for both personal and corporate taxes. Wonder how? Call us and we can assist you with a tax plan.

We can 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

Alberta Fair Trading Act

Alberta Federation of Alberta

Alberta Learning Information Services

Canada Revenue Agency (CRA)

CRA Newcomers to Canada

CRA Payroll Deductions Online Calculator

CRA Tax Tips

Canadian Retirement Income Calculator

Certified Professional Accountants (CPA)

Child & Family Benefit Calculator