Studied by 0 people
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?
Taxpayer obtained a tax benefit
An avoidance transaction
Abuse/provision of act
