Choosing Your GST-HST Filing Period

What Is A Filing Period? Your GST/HST filing period determines how often you must file a GST/HST return. Unlike income tax returns (which always have an annual filing period with a set year-end and filing deadline), GST/HST registrants usually have several options. For businesses earning annual revenues of $1.5 million or less the default filing [...]

It’s not too late to file your taxes!

©iStock/Tamiris6 April 30 may have come and gone, but if you haven’t filed your income taxes there’s still hope. It’s always worthwhile to file as soon as possible, even if you’ve missed the magic date. You may not actually be late! If you or your spouse have self-employment or freelance income, you both [...]

By |May 8th, 2017|Two Minute Tax Tips|Comments Off on It’s not too late to file your taxes!

Final 2015 U.S. Tax Seminar in Toronto

© iStock/Creative_Outlet Filing deadline for U.S. Citizens living abroad is June 15th.* Americans in Canada and around the world are wondering how to cope with the many U.S. tax issues. This seminar is hosted by Chris Eggers of Investors Group and Democrats Abroad Canada–Toronto, and co-hosted by professional accounting firm Lawrence and Associates [...]

File On Time Even If You Can’t Pay

As we approach one of the biggest tax filing days of the year* and tension rises, it’s time to remind everyone of one important thing: Even if you can’t afford your tax bill, you really, really, really should file your tax return on time. Personal Tax Advisors: Next Level Tax Preparation Next Level Tax Preparation [...]

Mail­-in Returns Due by Friday, May 30

Returning clients are eligible for mail­-in/drop-off tax preparation. We must receive all required materials no later than noon on Friday, May 30, to ensure that your return will be filed before the June 15 deadline. Mail-in Tax Preparation: If you are interested in doing a mail-in return this year, contact our scheduling manager at scheduling@personaltaxadvisors.ca to receive your mail-­in package which includes a checklist of the documents/information we need and other instructions. Drop-off Tax Preparation: If you are interested in doing a drop-off return this year, bring your tax materials to the office or, after hours, please slip [...]

Beware of Scam Emails from the Canada Revenue Agency

Around this time every year, scammers start sending out emails to Canadians claiming to be from the Canada Revenue Agency. As with most phishing schemes, recognition is the key to protecting yourself. The bottom line is this: ANY EMAIL PURPORTING TO BE FROM THE CANADA REVENUE AGENCY IS A SCAM. There are no exceptions. CRA [...]

Avoid this expensive error: Register for HST before CRA asks.

While many people worry about being audited, audits are relatively rare. It’s much more common – and potentially very expensive - to be caught unregistered for the GST/HST. One of the most costly mistakes you can make is not registering for the GST/HST when you reach the $30,000 mark. The scary thing is, CRA usually [...]

Do you need to pay GST/HST instalments?

Paying instalments can be a surprise. GST/HST registrants who file returns only once a year are sometimes surprised to learn that the Canada Revenue Agency (CRA) is expecting quarterly GST / HST instalment payments through the year. They don't know...because CRA doesn't tell them until it's too late. Not every registrant has to pay [...]

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