Corporate Tax Due Dates

Corporate Tax Due Dates

When to file your corporate income tax return:

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Call us at 877-542-2130
  • No later than six months after the end of each tax year
  • No later than three years after the end of the tax year to receive a tax refund

Corporation payments:

  • Generally, the balance-due date for the remainder of tax owing is two months after the end of the tax year.
  • Small CCPC the balance is due three months after the end of the tax year.

Paying current year instalments:

  • If your net corporate tax owing for the previous year is greater than $3000 you will need to pay installments
  • Generally, corporations have to pay their taxes in monthly instalments.
  • A small CCPC is eligible to make quarterly instalment payments if, at the time the payment is due:

For more information see http://www.expert-fiscaliste.org/corporate-tax-calendar/

Business Representatives

Business Representatives

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Call us at 514-954-9031

Businesses can appoint someone else, often a tax professional, to deal with the Canada Revenue Agency (CRA) on their behalf. In order to have online access to tax information about the business, the representative must currently file a Form RC59 with the CRA.  The CRA has announced that, after May 15, 2017 Form RC59 will no longer be used to obtain such online access. Instead, the representative will need to carry out the following steps.

It is important for business owners to keep in mind some of the most common errors to avoid getting on the wrong side of the government agencies, and using a business representative can be to you advantage.

For more information see this link http://www.expert-fiscaliste.org/corporate-tax/business-representatives/

2016 Filing due date for self employed persons

2016 Filing due date for self employed persons

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If you or your spouse carried on a business in 2016 , your personal return for 2016 has to be filed on or before June 15, 2017.

However, if you have a balance owing for 2016, you have to pay it on or before April 30, 2017.

 

Important facts

  • If you earned self-employment income from a business you operate yourself or with a partner, you must report it.
  • Keep thorough records if you own a business or are engaged in a commercial activity. The records have to provide enough detail to determine the taxes you owe and support the benefits you are claiming, and must be supported by original documents.

http://www.expert-fiscaliste.org/individual-tax/individual-tax-calendar-interest-rates/

2016 Heath Contribution Abolished Retroactive

2016 Heath Contribution Abolished Retroactive

Quebec Budget
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Québec Budget – Modifications introduced in the 2017-2018 Budget, tabled March 28, 2017 Health Contribution
In its budget tabled on March 28, 2017, the Québec government announced that the health contribution has been abolished retroactively beginning with the 2016 year for all taxpayers 18 years of age or older whose income for that year was under $134,095.

Taxpayers with income over $134,095 for 2016 will have to pay, unless exempt, a health contribution equal to the lesser of the following amounts: $1,000 or 4% of their income in excess of $134,095.

What’s new on 2016 tax return

What’s new on 2016 tax return

What's new on 2016 tax return
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There were a significant number of tax changes which took effect during the 2016 tax year which affected individuals, and which are reflected on the 2016 return to be filed this spring.

 

 

 

For more information follow this link to our page http://www.expert-fiscaliste.org/individual-tax/2016-tax-return/whats-new-2016-tax-return/ 

2017 Tax Calendar for Individuals

2017 Tax Calendar for Individuals

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Call Us 877-542-2130

There are important deadline dates that apply to all Canadian returns and tax slips which are required to be filed during 2016.  To avoid penalites all returns must be postmarked by the due date specified.

 

For more information on when your tax slips should arrive, the filing dates for your returns, and when you need to make your payments follow this link http://www.expert-fiscaliste.org/individual-tax/individual-tax-calendar-interest-rates/ or if your prefer download our PDF version 2017 Expert Fiscaliste Tax Calendar.

If you need our assistance to file your tax return this year, don’t wait contact us at 1-877-542-2130.

 

 

 

Individual income tax rates brackets 2017

Individual income tax rates and brackets for 2017

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Call us at 514-954-9031
The Canada Revenue Agency has indicated that an indexing factor of 1.4% will apply to federal individual income tax brackets for the 2017 tax year. The personal income tax brackets and rates which will apply for 2017 are therefore as follows.

 

 

$11,635 to $45,916 ………… 15%

$45,917 to $91,831 ………… 20%

$91,832 to $142,353 ……… 26%

$142,354 to $202,800 ……  29%

Over $202,800 ………………   33%

The federal government does not impose a general or high-income individual income tax surtax.

For more informatation on preparing your 2016 tax return click here http://www.expert-fiscaliste.org/individual-tax/2016-tax-return/

 

Let us prepare your 2016 tax returns for you

Let us prepare your 2016 tax returns for you

As for Will at 1-877-542-2130
Call us 1-877-54202130
Let us prepare your Tax Returns

At Expert Fiscaliste let us prepare your tax returns for you.  Our tax experts help you get every tax refund you deserve because we know how hard you work.  This means that we work for you to make sure you get all the deductions and tax credits you are entitled to and offer you year-round tax advice.  Rapidity changing and increasingly complex tax legislation means that experienced personal tax return preparation is essential for all individuals.   Our experts receive extensive training to keep current on all the tax changes to ensure you get back all the money you’re entitled to.  Expert Fiscaliste will support you throughout the year if you are audited or asked questions by government authorities or interested in tax planning.

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It’s that time of the year again and we offer convenient, accurate, and affordable preparation of all types of tax returns. We’re equipped to handle any tax situation, including personal returns, rental properties, estate/trust, and foreign income. We’ll make sure that you get the maximum refund possible, and we provide you with tax support after the tax returns are filed.  Just follow three simple steps.  For more information on how click here for our PDF

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Tax Returns can be complicated and extremely time consuming.  Tax payers can be particularly challenged and stressed in knowing what information is required in compiling a tax return.   Use our check list to help you prepare the documents that you will need for your 2016 tax return.

For more information click here for our PDF

 

 

2017 TFSA Contributions

Tax Free Savings Accounts (i.e. TFSA)

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Call 877-542-2130

Tax-free savings accounts are available for Canadian residents who are 18 years of age or older.  The first tax year that they were available was 2009.

There is no deadline for contributions to a TFSA, as the unused contribution room is carried forward into the next year.  However, a withdrawal in any year increases the TFSA room in the following calendar year.  Thus, if you are thinking of making a withdrawal close to year end, make sure it is done by December 31st, in order to have the withdrawal amount added back to the TFSA room sooner.

Call 877-542-2130
Call 877-542-2130

In a tax-free savings account:

  1. All investment income (interest, dividends, trust distributions and capital gains) will accumulate tax free
    1. Considering this all capital losses are not tax deductible, and
    2. not eligible for Canadian dividend tax credits
    3. Interest on money borrowed to invest in TFSA is not tax deductible
  2. Contributions are not tax deductible
    1. Excess contribution are subject to 1% monthly tax
    2. Contributions are reported directly to CRA by your financial institution (ask your tax professional for your details)
    3. 2017 contribution annual limit is $5,500, for total of $52,000 contribution room
    4. 2015 limit $10,000
    5. 2013-2014 limit $5,500 annually
    6. 2009-2012 limit $5,000 annually
  3. Withdrawals are not taxable
  4. Death of the TFSA Holder
    1. Can name a spouse or common-law partner as “successor holder” and on death the spouse keeps tax exempt status without affecting the spouse’s contribution room
  5. Martial Breakdown or divorce
    1. Can transfer directly to former spouse without affecting their contribution room.

For our PDF version click 2017 TFSA summary