A major priority of NX Accountants and its associates is to educate individual clients and familiarize them with the taxation regulations for their respective demographic. Canada Revenue Agency (CRA) has an established framework in which individuals can minimize their taxes owed through programs such as RRSP contributions, Tax Free Savings Account (TFSA), Home renovation Tax Credit, Donations to non-for-profit charities and more. At NX Accounting we lay out all relevant options and allow clients to make informed decisions in all their financial undertakings.
We file eligible client's tax return through an E-file system for free. This system allows expedient and accurate processing of each tax return with optimal data security. Furthermore we use the most up-to-date software approved by Revenue Canada in order to ensure your tax return is filed with the latest budget regulations implemented.
Filing Due Dates
Generally all personal taxes are due by April 30th of each year;
If you file your return after April 30th your GST/HST credit (including any related provincial credit), Canada Child Tax Benefit payments (including those from certain related provincial or territorial programs), and Old Age Security benefit payments may be delayed.
Also penalties will apply to individuals who owe taxes and fail to file their return by the April 30th deadline.
Self-employed persons
If you or your spouse or common-law partner carried on a business (other than a business whose expenditures are primarily in connection with a tax shelter), your return has to be filed on or before June 15th. However, if you owe taxes you have to pay it on or before April 30th
At NX Accounting we possess, vast knowledge of Federal and Provincial tax laws and regulations. Consequently, we make it our priority to share this knowledge with our clients and allow them to make informed decisions through tax planning and allow us to utilize the potential for tax breaks. We also assist corporations in assessing the strength of their tax risk management and how to remedy excessive risk.
A corporate tax filling constitutes submission of a T2 Return, corresponding schedules and financial statements such as Balance Sheet & Income Statement. In order to assure thorough filling of corporate tax return, NX Accounting strongly advises companies to conduct their Bookkeeping with our firm.
Internal bookkeeping is also acceptable, but management is solely responsible for the integrity of data provided for submission to Revenue Canada.
Who has to file corporate Tax Returns?
All resident corporations except registered charities have to file a T2 return for every tax year, even if there is no tax payable. This includes:
• Non-profit organizations
• Tax-exempt corporations
• Inactive corporations.
Non-resident corporations
A non-resident corporation has to file a return if, at any time in the tax year, one of the following situations applied:
• The corporation carried on business in Canada
• The corporation had a taxable capital gain
• The corporation disposed of taxable Canadian property, unless the disposition takes place after 2008 and all
of the following criteria apply:
When to file Corporate Tax Returns?
File your return no later than six months after the end of each tax year.
If the tax year ends at the end of a month, you must file the return by the last day of the sixth month after tax year end.
If the deadline falls on a weekend or a public holiday the return is due by the next business day.
It is essential to file you corporate tax return on time in order to avoid penalties.
Examples:
• If your tax year ends on June 31, you’re filing due date is December 31
• If your tax year ends on August 31, you’re filing due date is February 28
• If your tax year ends on March 18, you’re filing due date is September 18
You must file a return no later than three years, in order to qualify for a tax refund if applicable.