Administrative Issues

Personal Tax Filing Deadline (regular people)

April 30

Implications of later returns

If tax return is late —> interest and penalties on balance owing

Personal Tax Filing Deadline (self-employed)

June 15, but payment is due by April 30

When must a taxpayer make instalments?

Make instalments if taxes payable are:

• $2,000 for individuals (quarterly)

• $3,000 for corporations (each month)

What happens if instalments are not paid?

Interest and penalties

What are the instances under which the CRA requires an individual to file a tax return?

• There is a liability

• The taxpayer has disposed of capital property/has a capital gain to report

• The taxpayer has an outstanding home buyers/lifelong learning balance

• They have a received a request to file from the CRA

Why is it advantageous to file a tax return even if you are not required to do so?

• Credits (GST/HST, Canada Carbon Rebate)

• Refunds

• Benefits (government programs)

• Starts period of statutory limitations

What is the filing deadline for corporations?

6 months after tax year end

What is the payment deadline for corporations?

2 months after tax year end (non-CCPC) and 3 months after tax year end (CCPC)

What are a taxpayer’s recourse if they disagree with a notice of assessment?

• Can file a notice of objection

  • Individual deadline: later of 1) 90 days after mailing date of assessement and 2) 1 year after filing date

  • Corporation deadline: 90 days after mailing date of assessment

What are the 3 criteria for GAAR?

1. Taxpayer obtained a tax benefit

2. An avoidance transaction

3. Abuse/provision of act