Personal tax returns for individuals are due to be filed by April 30 every year, unless you have self-employment business income. If you or your spouse have self-employment business income, your tax returns are due by June 15 – however all taxes owing are still due by April 30.

Corporate tax returns are due to be filed 6 months after your year end. So, if you have a November 30 corporate year end, your tax return is due May 31. However, all taxes owing are due 3 months after your year end. If taxes owing are not paid by the 3 months after your year end, any amount owing will begin accruing penalties and interest. If instalments were required, but not made on time, there will be further instalment interest.

If the individual died between January 1 and October 31 of the tax year, the estate tax return is due April 30th of the following year. If the individual died between November 1 and December 31 of the tax year, the estate return is due 6 months after the date of death.

If the deceased or the deceased’s spouse had self-employment business income in the tax year and died between January 1 and December 15, the estate tax return is due June 15 of the following year. If the individual died between December 16 and December 31 of the tax year, the estate tax return is due 6 months after the date of death.

If the individual died between January 1 and October 31 of the tax year, any tax balance owing is due by April 30 regardless of whether they or their spouse has self-employment business income. If the individual died between November 1 and December 31, any tax balance owing is due 6 months after the date of death. Any surviving spouse or common law partners balance due will still be due April 30, regardless of when the individual died.

Trust returns are due 3 months after the year end of the trust. Most trusts run on a calendar year, having a year end of December 31 and a filing deadline of March 31.

UHT returns are due April 30 following the tax year. For more information on the UHT and whether it may apply to you, please see more information in our Articles section.

With electronic filing being the predominant method of filing nowadays, the CRA is able to process returns immediately upon filing. This often means that they are issuing notices of assessment before they’ve received any payments you have made. These payments will not appear on your notice of assessment, due to this timing delay. We recommend waiting until your payment has cleared your bank account, then log in to your MyAccount and confirm your balance under your Statement of Account. If you do not have MyAccount access, please contact our office once payment has cleared and we would be happy to check that your payment has been applied to the appropriate tax year or instalment account.

Individuals
You may be required to pay tax by instalments if your income in the prior year did not have enough tax withheld and your net tax owing was more than $3,000. Typically there are two instalment reminders sent by CRA, one in February for March and June payments, and another in August for September and December payments. You can also view your instalment requirements on MyAccount with CRA. If you are required to pay instalments but do not pay them, you may be charged instalment interest and penalties.

Corporations
Generally, corporations are required to pay either monthly or quarterly instalments if their prior year Part I tax owing (tax owing prior to any dividend refund received) was more than $3,000. If you do not pay the required instalments, you may be charged instalment interest and penalties. If you are 3 months late on your required instalment, you can prepay the next 3 months early (in effect, paying 6 months of instalments) to counteract the instalment interest and penalties.

Instalments for personal taxes, corporate taxes and payroll remittances (NOT GST) can be mailed to:
CRA
Box 3800 Station A
Sudbury ON P3A 0C3

Individuals
There are many options for payments to CRA:
· Electronically – online banking, pre-authorized debit payments, debit card, credit card, PayPal, Interac e-transfer, wire transfer
· In person – at a bank or at Canada Post (debit or cash). This method requires a remittance voucher
· By mail – by cheque or money order (remittance voucher required)
For more information on how to pay using these methods and when CRA considers the payment as received, please visit https://www.canada.ca/en/revenue-agency/services/payments-cra/individual-payments/make-payment.html

Corporations
The options available for corporations payments to CRA for corporate tax, GST and payroll are:
· Electronically – online banking, pre-authorized debit, debit card, credit card, PayPal, Interac e-transfer, wire transfer
· In person – at a bank or at Canada Post (debit or cash). This method requires a remittance voucher.
· By mail – by cheque (remittance voucher required)
For more information on how to pay using these methods for corporation, please visit https://www.canada.ca/en/revenue-agency/services/payments-cra/business-payments/make-payment/pay-options.html

In order to file your taxes accurately, it is important to provide us with:
o All tax slips received (T4’s, T3’s, T5’s, T4A’s, etc)
o RRSP contribution slips
o Medical receipts (including a summary of medical travel if one way >40km, number of km for each trip, number of meals, parking receipts)
o Child care receipts
o Tuition T2202A slips – these typically aren’t mailed out but can be found on the students school portal once logged in
o Donation receipts
o Investment tax packages
o Professional/union dues paid
o Moving expenses
o Complete rental or business income and expenses
o Your most recent notice of assessment from CRA
It is important to advise your accountant of any important changes in your life, such as:
– a change in marital status (common law, marriage, death, separation, divorce
– birth or adoption of a child (gender, date of birth, SIN if available)
– if you added someone, like a parent, to title of a residential property
– if you were added to the title of a property owned by someone else, like a parent
– if you purchased your first home
– if you sold a residential property in the year
If you are a new client, it would also be helpful to also send in the most recent tax return filed, the most recent notice of assessment received from CRA as well as information about spouses and children.

As a starting point, we will need the following information:
o Most recent backup of accounting books to the year end
o Year end bank statements for all accounts
o Investment information and supporting documents (tax slips, etc) for the year, if applicable
o Accounts receivable and payables listings
o Inventory listings, if applicable
o Invoices for all capital asset purchases and sales during the year
o Year end credit card statements
o Year end PST and GST remittances, if applicable
o Year end loan statements and details on any new loans (payment amount, frequency, interest rate, etc)
o Any other documents you feel may be necessary to complete your year end

When an individual dies in the year, it is important to provide your accountant with the following information:
· Copy of the will
· Copy of the death certificate
· Copy of the statement of assets, if probated
· If not probated, a list of assets including all properties owned (including principal residence), estimated fair values of all properties owned, bank accounts, investment accounts, registered investments, etc
· Tax slips for the tax year
· Medical and donation receipts
· If there are investments, investment statements for the rest of the year after death, fair value and costs of investments at death
· Full contact information for all executors and beneficiaries

To set up MyAccount (Individuals) and MyBusinessAccount (Businesses) with CRA, you will need to go to CRA’s website and complete the online registration form. You will be asked to provide personal information including your SIN and the amount from line 15000 from your most recent tax return. Once you receive your security code in the mail, you can complete the process.
Once you have access to your account, you can add our firm as a representative on your account. In the top right corner, it will have your name/business name. Click on that and select ‘Profile’. Select ‘Authorized Representatives’ and selcect ‘Add. Follow through the steps and add our firm business number is 122257819.

For more information on the registration process, please visit https://www.canada.ca/en/revenue-agency/services/e-services/cra-login-services/cra-user-password-help-faqs/registration-process-access-cra-login-services.html#hlp1a
To begin the registration process, please visit the websites below and click on ‘CRA register’:
For individuals: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/account-individuals.html

For businesses: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-businesses/business-account.html

Effective March 12, 2023, non-profit organizations can no longer appoint a non-accountant as the auditor or reviewer. A licensed CPA must be appointed.

Revenue thresholds determine what type of engagement a non-profit organization requires.
For gross revenues under $100,000 in the prior year, a non-profit organization may waive an audit and review, and instead opt for a compilation engagement in the current year.

For gross revenues between $100,000 and $499,999 in the prior year, a non-profit organization may waive an audit, but must conduct a review engagement in the current year.

For gross revenues of $500,000 in the prior year, a non-profit organization must conduct an audit engagement in the current year.
*Membership non-profit organizations may always resolve to waive an audit or review.

On the portal login page, click on ‘Forgot your password?’ and enter your email address associated with your account. If you are unsure which email address you used, please contact our office. A temporary password will be sent to that email address and you can click on the link in the email to login and change your password.

If you are still having issues, please contact our office admin at info@btnca.ca or 306-693-0656 and request they reset your account. Once they have reset your account, you will then receive an email with instructions on how to set a new password.