Individuals, Corporations, Trusts resident in Canada

Non-residents: Canadian-source income

a)Employed in Canada

b)Carried on a business in Canada

c)Disposed of taxable Canadian property

Partnerships not directly liable for tax-income reported by the partner

Taxation year of individuals-Calendar year (Jan 01 to Dec 31)

Taxation year of corporation-Fiscal year（selected own fiscal year as long as not longer than 53 weeks.)

Filing Deadlines and Payments

Individuals:

• Due on or before April 30 of the next year
• June 15 if individual or spouse carried on a unincorporated business-if owing tax, tax owing due on or before April 30

Deceased individuals:

• Usual filing deadline
• Exception: If an individual dies after October in the year and before the filing date (i.e. April 30/June 15), the return must be filed by the later of : six months after the date of death; and usual filing date following the particular year.

Corporations-within six months after the end of the taxation year

Payment of tax-individuals

• Quarterly instalment payment (Mar.15, June 15, Sept. 15, Dec. 15)  if the difference between total taxes payable and amounts withheld at source is greater than $3,000 in both current and either of the two preceding taxation years
• Balance of taxes payable on April 30

Payments of tax-corporations

• Instalments required by the end of each month if Part I tax payable for the year or the preceding year was $3,000 or more (quarterly for CCPC with taxable income at or below the SBD threshold in current or preceding year.

Penalties-late filing

• 5% of the unpaid tax at the date on which the return was due to be filed plus 1% for each complete month that return was late, up to 12 months.
• If taxpayer has been assessed a penalty in any of the three preceding years, 10% of the unpaid tax plus 2% per months, up to 20 months

Penalties-negligence report income

• If taxpayer gross negligence under reports income, penalty equal to greater of $100 and 50% of the difference in tax liabilities

​Failure to pay instalments of tax

• 50% of the interest payable for the year exceeding the greater of $1,000 and 25% of the instalment interest
• Interest-4% higher than the rate used to calculate taxable benefits

If you need further information, please contact Tax3E Financial Inc at E-mail: tax6479564788@gmail.com or phone: 647-764 8869