Tax Compliance in CanadaThe Bookkeeper's Handy ReferenceThe Bookkeeper's Canadian bookkeeping notes on tax compliance ... everything in one place ... to use as a handy reference.  Custom Search 2010/2011 Tax Season Deadlines...........2010 Tax Installments Due Dates What is considered the "official" receipt date at the CRA? Business compliance returns must be physically received by the CRA (not Canada Post) on or before the due date. Canada Post mailing date is not considered to be the receipt date. (The post marked date is only valid as a receipt date for individuals not businesses.) If the due date falls on a weekend or a public holiday, then you have until the next business day. If you pay electronically, check with your financial institution to see how long from the date of your payment until the funds reach CRA. The funds have to be received by CRA (not your bank) by the due date. Most financial institutions process overnight. In most cases you have to make your payment online before midnight on the day before the payment is due.
Owning and operating a business in Canada means you have some legal responsibilities. Canada Revenue Agency (CRA) requires regular reporting of Canadian sales tax, payroll taxes, and income taxes. Each province and territory has their own tax related requirements as well. These regulations are often referred to as government compliance requirements.
Tax compliance returns and payments should be filed on time. Failure to report and remit by due dates leads to costly penalties and interest charges. This site provides the Canadian bookkeeping information you need to know to put more money in your pocket and avoid these charges.
Even if you can't pay the taxes owing, always file compliance returns by their due dates to avoid pricey penalty charges. Interest charges on the balance owing will still apply. Bookkeeper's Handy Reference Source: The Knowledge Bureau
Make sure you discuss your situation with a professional who can give you advice tailored to your specific circumstances.
Pay Taxes Online At CRA Website Canadian bookkeeping just got a little easier. As of October 2, 2009, CRA has introduced My Payment service. You can now pay your business (and individual) taxes online instantly from your bank account through a secure link with approved Canadian financial institutions. The institutions currently able to participate are RBC, TD, BMO and Scotiabank as they have INTERAC Online agreements. This new service allows you to pay GST/HST, payroll deductions, corporate income tax, excise duties and taxes, individual income tax ... and more. If you pay after hours, or on the weekend or a holiday, the online payment will be credited the following business day. This service will not allow post dated transactions. It works by signing onto My Payment located on the home page of the CRA website. Once in My Payment, a set of instructions comes up. Just follow the instructions and make your selections as prompted. No banking information is shared with CRA.
Bookkeeper's Handy Reference 2010/2011 Canadian Tax Season
Click here for CRA 2010 indexation adjustment for personal income tax and benefit amounts. Bookkeeper's Handy Reference
Bookkeeper's Handy Reference 2010/2011 Tax Date Reminders
Before you file your tax return, be sure to check out Revenue Canada's web page on "Tax Cuts At Your Fingertips". It provides you with information on some of the tax credits and benefits available to Canadians. If you click on Individuals on the side bar, you will have access to more detailed information. The Individuals side bar has been nicely divided into categories to make it easy to find what is relevant to you:
It's a good review for any Canadian bookkeeper on the latest changes.
The Canadian Tax - LinksReturn to Top - Tax Compliance Information
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