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Tax Compliance in Canada

The Bookkeeper's Handy Reference


The Bookkeeper's Canadian bookkeeping notes on tax compliance ... everything in one place ... to use as a handy reference.



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2010/2011 Tax Season Deadlines...........2010 Tax Installments Due Dates




Tax Compliance
Reference Pages

Current Information - What's New

Filing Deadlines and Due Dates - by tax type

Tax Rates - GST/HST, WCB, mileage, auto allowances, interest rates

Payroll Notes and Tax Rates

Understanding Tax Audits in Canada

What to do when you receive a tax audit notice

Your rights as a taxpayer in Canada

CCPC tax rates and limits

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.



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Tax Compliance and Canadian Bookkeeping

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.

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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.




The Bookkeeper's Tip
A Good Tax Compliance Practice

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
Tax Compliance Responsibilities YOU Should Know

Source: The Knowledge Bureau

Tax EventMoving Timeline
Correcting a Return for Errors or Omissions10 years after the end of the adjusted taxation year
Tax Court Appeals






No later than 90 days from mailing date of Notice of Reassessment or confirmation of assessment

No earlier than 90 days following mailing date of Notice of Objection (if CRA has not responded)
Collections - Tax Owing



10 years from date of assessment

Debt collection is suspended when a Notice of Objection or an appeal has been made
Objection to a Notice of Assessment or ReassessmentIn general, 90 days from mailing date of notice ... individuals 1 year from due date of return
CRA Refunds




In general, 3 years from end of relevant tax year ... individuals 10 years

If due to loss carryback, extended to 6 years ... 7 years if the corporation is not a CCPC

Make sure you discuss your situation with a professional who can give you advice tailored to your specific circumstances.



Ask A Free Bookkeeping Question

As a small business owner who does their own bookkeeping ... or the bookkeeper who works from home , you may have a question you don't know the answer to. Ask your questions in The Community Bookkeeping Forum.





Tax Compliance Just Got Easier in Canada!
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.





Tax Compliance Reminders 2010/2011 Tax Season


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Bookkeeper's Handy Reference
2010/2011 Canadian Tax Season

Tax TypeTax PeriodForm to be FiledFiling AND Payment DeadlineWeek Day
Interest payment on inter-spousal loans2010bank transactionJan. 30, 2011Monday
T4, T4A, T5 Receipts2010T4,T4A,T5Feb. 28, 2011Monday
RRSP Contribution2010--Feb. 28, 2011Monday
T3 Receipts2010T3Mar. 31, 2011Thursday
US Tax Return2010 --Apr. 15, 2011Friday
Individual Tax Return2010T1May 2, 2011Monday
Self-Employed Tax Return (incl spouse)2010T1 (T2125)FILE-Jun. 15
PAY-May 2
FILE-Wed. PAY-Mon.
Corporate Tax Return2010T2Click here
for details
--
Construction Payment Reporting System (CPRS)2010T50186 months after
end of reporting period
--



Click here for some tax compliance notes on installments and payment deadlines.

Click here for CRA 2010 indexation adjustment for personal income tax and benefit amounts.




Bookkeeper's Handy Reference
2010 Canadian Tax Installment Due Dates

Tax TypeTax PeriodForm to be FiledFiling AND Payment DeadlineWeek Day
1st Tax Installment2010INNS3 E or T1162AMarch 15, 2010Monday
2nd Tax Installment2010INNS3 E or T1162AJune 15, 2010Tuesday
3rd Tax Installment2010INNS3 E or T1162ASeptember 15, 2010Wednesday
4th Tax Installment2010INNS3 E or T1162ADecember 15, 2010 Wednesday
Annual Installment Farmers, Fishermen2010mailed in NovDecember 31, 2010 Friday



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Bookkeeper's Handy Reference
2010/2011 Tax Date Reminders

Tax TypeTax PeriodForm to be FiledDeadline
New Benefit Year Begins
(CTB, GST Credit, OAS)
20102009 T1Thu. Jul.
1, 2010
Advance Payment Application
WITB
2010RC210Tue. Aug. 31, 2010
Self-Assessment RRSP Excess Contributions Interest Penalty2010T1-OVPThu. Mar. 31, 2011
Overdue Taxes Interest Begins Accruing Daily2010--Sun. May
1, 2011
Refund Interest on Late Processed Refunds due from CRA2010--Wed. Jun. 15, 2011



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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:

  • the working taxpayer
  • the student
  • the senior
  • the disabled and their caregivers
  • the parent
  • the tradesperson.

It's a good review for any Canadian bookkeeper on the latest changes.

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