Category Archives: Important Dates
When is the next HST cheque coming out? What is the personal tax filing deadline? When is the PST coming back? Find these dates on our calendar. If you have suggestions, please let us know!
We are beginning our 2016 personal tax return preparation season tomorrow. Although we very much enjoy assisting our clients with the preparation of their personal tax returns, we work long hours at this time of year to do our best to sure everyone’s personal tax return is accurate and filed on time. If we were super heroes we would be “super-organized” – not as exciting as being invisible, but it enables us to get the job done.
- “When are my taxes due?”
Although most Canadians have been required to file their personal tax return on April 30th each year (or the next business day if April 30th falls on a weekend) since as long as I can remember, we understand the confusion here as our neighbours to the south have a April 15th personal tax return filing deadline.
The filing due date for 2016 personal tax returns is May 1, 2017 (since April 30th falls on a Sunday this year) unless one of the following applies:
- If you or your spouse or common law partner have self-employment business income you have until June 15, 2017 to file your personal tax return.
- If you died last year between November 1st and December 31st, the due date for your final return is six months after the date of death.
- “I am going on vacation until April 25th. Can I bring all of my personal tax information in on April 26th”?
Yes you can bring your information in but we likely won’t have time to complete it until we return from our holidays. See point 10 below.
- “When are my 2016 personal taxes due?”
May 1, 2017, since April 30, 2017 falls on a Sunday, no matter when your filing due date is.
- “How do I pay my tax liability?”
I recommend that clients set the Canada Revenue Agency (CRA) up as a payee in their online banking, using their social insurance number as the account number, and remit a payment this way.
Not everyone participates in online banking. One of our clients enjoys going directly to a CRA office each year and standing in what he calls the “crying and paying line”. There are several other ways to pay the Canada Revenue Agency. Here is a link to other payment options.
- “Do you need all of my tax slips?”
- “My printer is broken.”
We email our clients forms during our personal tax return season that require to be printed, signed and returned. To facilitate this process, now is a good time to give your printer a check-up, replace your printer or find an alternative way to print the documents we send to you. Before you do please see point 8 below.
- “I don’t have any toner for my printer.”
Now is a good time to buy some toner. Before you do please see point 8 below.
- “My scanner is broken.”
In this crazy hi-tech world we live in, perhaps the need to purchase a separate machine to scan documents is over. There are several apps available for your phone that can receive a document, place your signature on the document and return the document. Tiny Scanner and Tiny Scans are two examples of these apps.
- “You look tired. Are you tired?”
- Are you taking a vacation soon?”
Yes on May 2, 2017 and we will be back in the office on May 15, 2017.
Form T1135 – Foreign Income Verification Statement – is required to be completed if a resident (i.e. individual or corporation) of Canada owned specified foreign property with a combined tax cost of more than $100,000 at any time during the year.
Specified foreign property includes foreign bank accounts, non-Canadian investment accounts, share in foreign companies (regardless whether shares are held through a Canadian brokerage firm), foreign rental and investment properties. Specified foreign property does not include personal use property (i.e. vacation property), listed personal property (i.e. artwork, jewelry, coin collection) and property held in a registered account (i.e. RRSP, RRIF or TFSA).
This reporting is required even if the specified foreign property earned no income during the year.
For the 2014 and later taxation years, the Canada Revenue Agency has revised the reporting requirements. One significant change is that specified foreign properties for which a taxpayer receives a T3 or T5 slip were previously exempted from this reporting. These investments must now be reported in the 2014 and later taxation years.
For those taxpayers with specified foreign property (i.e. shares in foreign corporations) held in an account with a Canadian registered securities dealer or Canadian trust company, the revised reporting requires taxpayers to report for each investment the country of investment, highest fair market value during the 2014 taxation year, fair market value at the end of the year and gross revenue. This information may be aggregated on a country by country basis.
The failure to file and false statement and omission penalties are significant.
The filing deadline for the foreign verification statement is the same as the filing deadline for your tax return. For individuals the deadline is April 30, 2015 if you or your spouse/common law partner were not self-employed during the 2014 taxation year and June 15, 2015 if you or your spouse/common law partner were self-employed during the 2014 taxation year.
For additional information on this reporting requirement please refer to the Canada Revenue Agency’s website.
We are requesting that all of our clients consider whether this reporting requirement applies to them, contact their investment advisor to discuss and contact Trout Lake Group before February 27, 2015 with any questions or concerns that they may have.
There may be some confusion regarding the upcoming stat holiday, Family Day.
In BC, this holiday falls on Monday, February 10th.
In Alberta, this holiday falls on Monday, February 17th.
Some of you may have observed that various calendars (printed and online versions) only show the Alberta date.
Keep in mind that if you have employees working on a stat, they are generally entitled to:
“An eligible employee who works on a statutory holiday is entitled to be paid:
- time-and-a-half for the first 12 hours worked and double-time for any work over 12 hours; plus
- an average day’s pay.”
This is a PDF listing stat holidays in BC, showing the dates for floating ones (eg Family Day, Easter).
This is a link to more details regarding stat holidays, including pay and eligibility.
There are numerous filing deadlines upcoming related to your 2013 personal and/or self-employed earnings.
- T4s and T5s must be issued by your company and filed with CRA no later than February 28th
- Deadline for contributing to an RRSP for the 2013 tax year is March 3, 2014
- Deadline for filing personal tax returns is April 30, 2014 (note: this has been extended to May 5th)
- Deadline for filing self-employed returns is June 15, 2014 (even if you have some employment income)
- Important! Even though the filing deadline for self-employed returns is June 15, 2014, the deadline for paying amounts owing in April 30, 2014. In other words, you will need to submit a payment to CRA based on a reasonable estimate even if your paperwork is not complete.
Trout Lake Group deadlines:
- Deadline for receiving our clients’ 2013 personal tax information is March 31, 2014. This will give us sufficient time to complete the tax returns. This applies to both “employee” (T4) and self-employed clients.
- We understand clients receiving T3 slips may not receive these until the first week of April.