Do you own a business?
If you do own a business, you have probably had to pay CRA at one time or another. See the link below for helpful information on how to make a payment to CRA, or in cases where you cannot make a payment right away, how to arrange for payment options.
Did you know you can now get a proof of income statement online?
Financial institutions or government departments may ask to provide a proof of income statement when applying for student loans, grants, subsidies or mortgages. Having online access to your CRA account will speed up this process as you would be able to login and print your proof of income statements instead of calling and waiting for one in the mail.
Online access also allows you the option to check on your income tax return, view personalized benefit and credit information and check RRSP & TFSA contributions limits.
See the link below for steps to registering for your CRA account online.
Do you or a family member have a disability? Are you markedly restricted in performing day to day activities?
If you answered yes to these questions, you may be entitled to receive a tax credit. The following guide has a wealth of information to help you determine whether or not you or a family member would qualify to claim the Disability Tax Credit.
http://www.cra-arc.gc.ca/E/pub/tg/rc4064/rc4064-15e.pdf
Have you been approached by a company that says they can get you thousands of dollars in tax refunds and grants if you qualify for the Disability Tax Credit?
There are a number of these companies popping up nationwide that offer to help you fill out the appropriate forms to apply for the Disability Tax Credit, setup a Registered Disability Savings Plan (RDSP) and help you apply for the Canada Disability Savings Grant for a fee of about 20 – 30% of the proceeds that you are entitled to receive.
For example, if you qualify for the tax credit for a 10 year period you could receive up to $1,800 per year for a total of $18,000. Based on the 20 - 30% fee schedule you would lose between $3,600 to $5,400 of your tax credit. The Federal government has taken steps to help disabled taxpayers apply for the DTC without paying huge fees. Form T2201 has been revised and asks you if you want the CRA to automatically adjust all years, whereas in the past your accountant had to file T1 adjustment requests. So the process of applying for the DTC is now greatly simplified and you shouldn’t need to incur significant accounting fees to apply and claim the DTC.
To apply for the Disability Tax Credit and save thousands of dollars in fees just follow these simple steps:
Please note that to receive the DTC you or a supporting family member must have paid income tax during the period of disability. For example if you are collecting Social Assistance, WCB, or have had annual income less than $10,000 chances are you would not have paid any tax and would not receive a refund. However, if you have a supporting person, ie spouse, parent, or a child (in the case of an elderly parent) and that person has paid tax during your period of disability then your DTC can transfer to that person.
If you paid minimal or no tax during the period of disability Section 2 of the T2201 can be filled out by your supporting person to enable your DTC to transfer to him/her. By checking the box in Section 3 CRA can adjust all of the applicable years for your supporting person.
When you receive your refund cheque you may want to consider investing into a Registered Disability Savings Plan. Details regarding this plan are available at
http://www.cra-arc.gc.ca/rdsp/
If you have questions or encounter issues with your DTC application you can ask your accountant to assist you. If you have followed all of the steps listed above and gotten to the point of mailing in your application, you have already saved on your accounting fees.
source: http://www.cra-arc.gc.ca/nwsrm/txtps/2016/tfsk15-eng.html
Most Canadian income tax and benefit returns for 2015 are due on April 30, 2016. However, as this date is a Saturday, the Canada Revenue Agency (CRA) will consider your return as filed on time and your payment to be made on time if the CRA receives your submission or it is postmarked by midnight on May 2, 2016.
Self-employed individuals and their spouses or common-law partners have until June 15, 2016, to file their income tax and benefit return, but any balance owing is still due no later than May 2, 2016.
If you received income that has no tax withheld or does not have enough tax withheld for more than one year, you may have to pay tax by instalments. We will issue you a reminder if we think that you may have to pay by instalments. Failing to pay in full and on time will result in interest charges, and could lead to legal actions by the CRA.
More and more Canadians are paying their taxes online. When you pay online, you can make your payment anytime, from anywhere! Last year, we received over six million payments from individual filers online.
There are several secure ways to make a payment to the CRA.
For other payment methods, go to www.cra.gc.ca/payments.
If you cannot pay your balance owing by the tax-filing season deadline, you can make a payment arrangement in one of the followings ways:
The CRA's online services are fast, easy, and secure. You can use them to help file your income tax and benefit return, make a payment, track the status of your return, register for online mail, apply for child benefits, and more. Access the CRA’s full suite of self-service options—register for My Account at today, and start managing your tax matters online!
March 30, 2016
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CRA and The Coast Group take your security very seriously and remind you to protect yourself this tax season and be aware of fraudulent communications.
Continue reading Canadian Revenue Agency and The Coast Group Chartered Accountants are warning Canadians to protect themselves from fraudulent communications and the potential misuse of their personal information.
CRA and The Coast Group take your security very seriously and remind you to protect yourself this tax season and be aware of fraudulent communications.
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