As the holidays are over and winter sets in we all know in the back of our minds that tax season is approaching.
The deadline for filing T4 and T5 slips is February 28. The deadline for filing T3 slips is March 31. If you are a corporate client, we will mail you your T4 and T5 slips in February with instructions for completing personal taxes.
The deadline for filing your personal tax returns is April 30 for most individuals. If you earn self-employed income that deadline is pushed out to June 15. If you are not sure if you qualify for the extension, it’s best get in contact with us. We will start the process of completing personal taxes in late March.
There are a few key changes with this tax season to be aware of:
- There have been changes to the tax on split income and passive income rule changes for corporate clients. You can see our article posts on these topics titled “Income Sprinkling Rule Changes” and “Budget 2018: Passive Investments and More.” Please inquire with us on how these changes impact distributions from your corporation.
- The Public Transit credit is no longer applicable for personal tax returns.
- New in the prior year but an important reminder are the changes to the Canada caregiver tax credits for infirm dependents. Reach out to us for more information if you have infirm dependents you support.
- If you sold a principle residence, even though the gain is tax free (subject to certain conditions) you still have to report it on your tax return. Please keep these details on hand so they can be properly reported. With that said, the penalty for unreported dispositions is quite high so it is important this is not missed.
Please contact us for a copy of our personal tax checklist for this season. Also, feel free to reach out if you have any questions or concerns.
