Frequently Asked Questions (FAQ)
When are my taxes due?
Generally, your return for the current year has to be filed on or before April 30, of the following year. For example your 2019 return has be to filed on or before April 30, 2020.
If you or your spouse or common law partner are self employed your return for the current year has to be filed on or before June 15, of the following year. However, if you have a balance owing, you have to pay it on or before April 30.
The deadline for filing the final tax return of a deceased person depends on the date of death. If the death occurred between January 1st and October 31st, the final tax return filing deadline is April 30th of the following year. If the death occurred between November 1 and December 31 inclusive, the due date for the final return is 6 months after the date of death
When the due date falls on a Saturday, a Sunday, or a public holiday recognized by the CRA, your return is on the next business day.
When are my corporate income taxes due?
Corporate income tax has to be filed each year within six months of the end of a corporation’s fiscal year.
If there is a balance owing, it has to be paid within two months of the end of corporation’s fiscal year, or paid within three if the corporation is a Canadian Controlled Private Corporation (CCPC).
When am I required to register for GST?
As a small supplier, when your cumulative revenues exceed $30,000 within the previous 12 months, you must register to collect and pay GST/HST amounts. When you’re required to start collecting these amounts depends on how and when you cross the $30,000 threshold.
What is a group RRSP?
Some employers offer group Registered Retirement Savings Plans (RRSPs) to their employees. Group RRSPs differ from employer to employer, so it is important to understand the plan specifics for your company.
A common feature of group RRSPs is an employer matching contribution. If you contribute to the group plan, your employer may match a certain percentage of your salary, or dollar value.
The matching contributions are considered income to you. So in the eyes of the Canada Revenue Agency, it is a taxable benefit. However, you can deduct your employer’s contributions, in addition to your own contributions, on your income tax return.
It is best to alway check your RRSP Room as the total contributions (employer and employee) cannot exceed your limit.