We bring the highest level of service and expertise to each of our clients, providing them with T1 Individual Income Tax Returns and T2 Corporate Tax Returns.
T1 Individual Income Tax Return
In Canada, your personal tax return is due by April 30. If April 30 falls on a Saturday, Sunday, or public holiday,Canada Revenue Agency will consider the return filed on time and/or payment received on time if it is received or postmarked on the following business day. Even if you cannot pay the full amount by April 30, you can still avoid the late filing penalty by filing your return on time.
You must include in income all amounts you received for a taxation year except for the following:
- Any GST / HST credit or Canada Child Tax Benefit payments, as well as those from related provincial or territorial programs
- Child assistance payments
- Compensation received from a province or territory is you were a victim of a criminal act or a motor vehicle accident
- Lottery winnings
- Most gifts and inheritances
- Amounts paid by Canada or an ally for disability or death due to war services
- Most amounts received from a life insurance policy following someone’s death
- Most strike pay you received from your union
Common tax credits you may be eligible to claim are as follows:
- Payments made to boarding school, sports school or camp
- Donations you made to registered charities or political parties
- Payments made for medical premiums, prescriptions, or dental
- Payments made to union or professions boards
- Payments made for moving within 40 km of your work or school
- Payments made for safety deposit box or most interests on money borrowed for investment purposes
- Payments made for disability
- Payments made for adoption
- Payments made for public transit passes
- Payments made for tuition
T2 Corporate Tax Return
All corporations have to file a T2 Corporation tax return. Only registered charities throughout the year are exempt.
The return needs to be filed within six months of the end of each fiscal year. When the T2 filing deadline falls on a Saturday, Sunday, or statutory holiday, Canada Revenue Agency will consider the return filed on time if is delivered, mailed, or transmitted on the first business day after the filing deadline. If the T2 return is mailed by either first-class or an equivalent delivery service, Canada Revenue Agency will consider the date of the postmark when determining if the return was filed on time.
Penalties apply if the return is filed late. The penalty for filing late is 5% of the tax balance owing on the filing deadline, plus an additional 1% of the unpaid tax for each complete month that the return is late, up to a maximum of 12 months.