- Remember to keep records for six years in case Revenue Canada audits your returns. You might have to pay back any taxes refunded if you are unable to produce the required documents.
- Keep all the receipts/bills of the current year, which you aim to use for tax purpose while filing tax the following year.
- Book an appointment with Alvox Accounting & Tax Services. to maximize your long term and short term benefits from your RRSP contribution.
- To claim employment expenses, you need form T2200 signed by your employer.
- Donations always help community to achieve its societal objectives but it also help to augment your refund or reduce your tax liability.
Most of the income earned by the individuals is subject to tax. Some examples of these are:
- Employment income
- Tips & gratuities
- Research grants
- Certain support payments
- Interest & dividends and other investment income
- Regular or lump sum pensions
- Income from business, farming, rental or fishing
- Old age security or Canada Pension Plan payments
- Capital gains
- Employment Insurance payments
Some of the incomes received in Canada are exempt from income tax. Some examples are:
- GST / HST credit or Canada Child Tax Benefit payments
- Quebec family allowances and Allowances for Handicapped Children paid by the Quebec
- Lottery or gambling winnings
- Most gifts and inheritances
- Social assistance and Worker’s Compensations Board payments
- Most of the civic settlements and insurance company proceeds such a death & health benefits
- Strike pay
- Military Disability Pension
- Status Indian income situated on a reserve
- Profits from the sale of the principal residence
Important dates for Businesses
There are due dates and other important dates you should know about events that could happen during the course of your commercial activities such as: determining when your various returns or payments are due, retaining your books and records, establishing your fiscal year end, and calculating installment payments if applicable.