Are there any benefits to filing my personal tax return early?
The main benefit of filing before the end of April is getting your tax refund back sooner. Be careful not to miss any slips that might be still in transit. If you owe and file early, you still can wait to April 30 to pay your taxes owing.
And what happens if I file my personal tax return after the deadline?
Filing really close to the deadline could also cost you money. If you’re working with a CPA and you dump your tax stuff on them two weeks before April 30th, then you hit a snag like a missing form or needing to resolve a big question, you won’t have enough time to resolve it.  As for filing late, if you owe, you’ll be paying both penalties and interest!
We’re living together but we want to file our personal tax returns separately. Is that OK?
If you are in a co-habitating relationship, married or not, then you probably can’t file separately.  There are credits and advantages that need to be calculated on your combined income.  Although it is true that some tax deductions and credits would be greater if you filed separately, this is not something that can be arbitrarily selected.  You should consult a tax preparer to get a definitive answer.
I just realized that I forgot to include something in my return…
You need to own up to it.  The longer you wait the more you will owe in interest and penalties.  Take it to your accountant to determine the best way to handle the omission.
What receipts should I be saving so I can write them off?
Please see our checklist at the link below:
Personal Tax Checklist
Aren’t younger children great? There’s tax breaks for having them too!
Effective July 2016, many child-related tax credits were replaced by the tax-free Canada Child Benefit, which is more generous for lower income families.  Contact us and we can provide you with the details.
What’s the difference between a refundable tax credit and a nonrefundable tax credit?
Both tax credits can reduce your total tax payable. For example, if you qualify for a $100 tax credit and you’re in the 20% tax bracket, you could save $20 on your taxes.  A non-refundable tax credit means that the credit can’t be used to increase your tax refund or to create a tax refund when you wouldn’t have already had one.  To put it  another way, your savings cannot exceed the amount of tax you owe.   Refundable tax credits are rare, but will actually result in a refund if those credits generate an over-payment in tax.
Because I’m self-employed, what should I do about income tax?
If you are a sole proprietor (not legally incorporated), you should be  putting between 15 and 30 % of your income into a savings account.   You should remit this amount quarterly to avoid incurring late installment payment penalties.  The filing deadline for you is June 15th, but all tax is payable by April 30th.