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(647) 746 7461

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Office Address

2087 Dundas St.E,Unit 203, Mississauga

Call Us
(647) 746 7461
E-mail us at
info@taxter.ca
Office Address
2087 Dundas St. E, Unit 203, Mississauga
  • info@taxter.ca
 

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(+269) 2156 2148
 

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Office Address
203-2087 Dundas St.
E, Mississauga
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Call Us

(647) 746 7461

E-mail us at

Office Address

203-2087 Dundas St. E, Mississauga

Call Us

(647) 746 7461

E-mail us at

Office Address

203-2087 Dundas St. E, Mississauga

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Tax Compliance

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Working Hours

  • Mon – Fri 11am to 7pm
  • Sat by appointment
  • Sun closed

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Tax Compliance

We prepare and file various tax returns & elections for individual and corporate clients.

Employees should receive their T4 forms from their employers by the end of February, and personal tax returns should be filed by the end of April. Although there are cases where filing a personal tax return isn’t required, we generally recommend doing so for the following reasons:

  • If your income is within certain brackets, you may qualify for additional benefits such as GST/HST credits or the Ontario Trillium Benefits.
  • You may need proof that your taxes have been filed for immigration or credit application purposes.
  • If you paid eligible tuition fees for post-secondary education, the educational institution may have provided you with a T2202 form (Tuition and Enrolment Certificate). You need to submit the amounts from this form to the CRA so that the appropriate tax credits can either be applied immediately or carried forward to offset future earnings as they increase.

It’s crucial to file your tax returns on time if you owe taxes. Failing to do so can result in a penalty of up to 17% of the outstanding balance. If you’ve been late filing taxes more than once in the past three years, the penalty increases to 10% of the amount you owe, plus 2% for each full month your return is late (up to 20
months). On top of these penalties, the CRA also applies interest to any
overdue taxes.

Self-employed individuals have to file their personal tax returns by June 15. It is important to remember that although the tax return has to be filed by mid-June, any tax payable has to be remitted by the end of April to avoid interest charges.

Corporations in Canada must file their T2 corporate tax returns within six months after the end of their fiscal year. Any balances due must be paid within two to three months following the fiscal year-end. Depending on the nature of the business and its industry, the following additional filings may also be required:

  • Forms T4: To report compensation paid to employees.
  • Federal payroll deduction reports: To report amounts withheld from employees’ wages.
  • Records of Employment (ROE): To document employees' work history for benefits purposes.
  • Forms T4A or T5018: To report payments made to subcontractors.
  • Forms T5: To report dividends paid to shareholders.
  • GST/HST returns: To report and remit Goods and Services Tax/Harmonized Sales Tax collected.
  • Provincial sales tax returns: For business activity in provinces that have their own sales tax (such as BC, Saskatchewan, or Manitoba).
  • WSIB premium reports: To report workplace safety insurance premiums in provinces that have a Workers’ Compensation Board (WSIB).
  • Miscellaneous information returns: These can include the Foreign Income Verification Statement (T1135), and the Information Return Relating to Controlled and Non-Controlled Foreign Affiliates (T1134).

We help our clients prepare and file all of the above forms. Don’t hesitate to contact us to learn how we can assist you with managing all your compliance needs. 

Additional filings may be required based on the specific nature of the business.  Always check with the CRA or a tax professional to ensure compliance with all
applicable filing requirements.