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frequently asked question
Understanding Your Taxes: We are here to answer your questions.
When is the best time to start tax planning?
Fall is the ideal time to begin thinking about your taxes and engage in tax planning. This period allows you to evaluate cost-saving actions you can implement before the end of the tax year, ultimately helping to reduce your future business or corporate income taxes.
What documents do I need to file my taxes?
You will need all your tax slips, statements, receipts, and other supporting documents related to your income and expenses for the year to prepare your income tax return. You may need to file a personal income tax return, even if you have only been in the country for part of the year.
What should I do if I receive an audit notice?
After thoroughly reviewing the audit notice and obtaining professional assistance, respond to the CRA as quickly as possible. Ignoring or delaying your response is unwise, as it can result in penalties.
How can I reduce my tax liability?
Your tax liability is the amount of money you owe after applying any tax credits, deductions, exemptions, and exclusions to your gross income. The key to reducing your tax liability is minimizing the amount of your gross income that is subject to taxation.
How can I avoid a CRA audit?
Submitting a complete and accurate tax filing is the best way to minimize the risk of an audit. While you cannot eliminate the possibility of an audit, having detailed records to back up your deductions can help satisfy most auditors quickly.
When is the deadline for filing my taxes?
Tax filing deadlines in Canada are generally due by April 30th following the tax year-end. For self-employed individuals, the T1 filing deadline is extended to June 15th. However, any taxes owed are still required by the April 30th deadline.
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