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2019 Tax Season is Here
After all the party and holidays now comes the bills. The biggest bill is the TAX. Federal, Provincial and City taxes. Province is all set to collect their taxes and has already sent out the property assessments. City also sent out their tax bills for city services.
When Can You File Taxes in Canada 2019
It used to be that in Canada you could file your tax return and claim your refund starting February 15th. Unfortunately in 2018 CRA pushed back the date to file taxes to February 26th. We are yet to get a confirmation date when CRA will start accepting tax returns this year while they update their system to receive the taxes.
Whether you think you owe taxes or not, early filing has benefits. If you owe taxes, early filing will give you enough time to have your return assessed well before the April 30th deadline. If you don’t owe money, early filing will result in your refund reaching your bank account sooner. Winning!
Deadlines for Filing Taxes in Canada 2019
This is a very confusing matter to most tax payers. Their are traps and tricks to charge you fines and interest in this maze of deadline to file your taxes.
MUST NOTE: If you owe tax you must pay it by April 30th, regardless you file your tax by the deadline or not.
Here is a recap of the deadline:
1. For Individual (employees) – April 30th 2019
2. For Self Employed (non-employees) – June 15th 2019
3. For Couples (employee and non employee) – June 15th 2019
4. For Corporation – Six months after the fiscal year end.
We suggest to file your tax return as soon as possible. The TAX Assessment is a required document for many business and personal financial transaction in Canada.
Many tax payers are also required to file a GST return. Most GST tax return tax filing deadline is March 31st 2019.
Income Tax
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Comments Off on Let the public decide which bank FINTRAC fined.
Canada Revenue Agency Income Tax
by admin
Comments Off on Do not, I say again Do not do your tax this way.
Do not, I say again Do not do your tax this way.
Here is a great entertainment piece of how to do your tax. No wonder, CPA’s are teaching their kids and other kids on how to pay tax. On an income of $100,000 you pay $26,230 in tax in Ontario. There are no comments about how to reduce the tax. Claim all the tax deductions and tax credits and pay 1% in tax rather than 26% tax on the same $100,000 income.
RRSP or TFSA
Forget about all the research and survey from the banks about what the Canadians are doing for their retirement. You let us know. Where are you saving your money for retirement?