Tax Services GTA
4 Harlow Cres. M9V 2Y5 Toronto, ON, Canada

Personal income tax returns are due by April 30th and self-employed returns are due by 15th June but if any amount owe still be paid by April 30th. Penalty and interest may be charged for the late filing and late payments. Tips: Always file your return on or before the due date even if you don’t have money to pay the tax that you owe.

Old Age Security (OAS) & Guaranteed Income Supplement (GIS): The Canadian Old Age Security Pension is available to Canadian citizens age 65 or older, for Canadian seniors living outside Canada, the OAS is still available subject to some conditions. However, seniors must apply to receive the OAS at least 6 months before they eligible to start receiving OAS. The Federal Guaranteed Income Supplement (GIS) is available to low-income seniors living in Canada, who are receiving (or... are eligible to receive) the Old Age Security Pension (OAS). An application must be filed to receive this supplement - it is not done automatically when you file a tax return. OAS payments are considered taxable income. If your income exceeds the threshold, some or all of your OAS may be "clawed back" and GIS will automatically reduce or phase out based on your total income.

Do you qualify for the Disability Tax Credit? If you have qualified for this credit for a number of years but have not claimed it, adjustments to your tax returns can be filed to claim it for up to 10 years retroactively. The amount of this federal tax credit is $7,766 with a supplement of $4,530 for taxpayers under 18 years of age. The supplement is reduced when total child care and attendant care expenses claimed for the taxpayer under 18 exceed a threshold of $2,654 and e...liminated completely when those expenses exceed $7,184. You will automatically be eligible for the same provincial tax credit as well If you qualify for federal. If, at any time in the tax year, you (either alone or with another person) maintained a dwelling and you or your spouse or common-law partner , parent or grandparent aged 65 or older lived with you, you may be able to claim the federal Caregiver Amount tax credit in the amount of $4,530.

Taxpayers who claim false expenses, credits or rebates from the government are subject to serious consequences. They are liable not only for corrections to their tax returns and payment of the full amount of tax owing, but also to penalties and interest. In addition, if convicted of tax evasion, the court may impose jail time and fine them up to 200% of the tax evaded. However, one can still voluntarily correct their tax affairs. They may not be penalized or prosecuted if th...ey make a valid disclosure before they become aware of any compliance action being initiated by the CRA against them. An Oshawa woman was found guilty in the Superior Court of Justice in Oshawa, Ontario, on two counts of fraud over $5,000 under the Criminal Code and was sentenced in absentia to the maximum period of 10 years in jail on each count to be served concurrently. According to CRA News Release

If you (a Canadian tax payer) pay or credit any pensions, annuities, management fees, interest, dividends, rents, royalties, estate or trust income, and payments for film or video acting services to a non-residents individuals including trusts or corporations that are not resident in Canada you are responsible for withholding tax. Withholding taxes have to remit on or before the 15th day of the month following the month the amount was paid or credited to the non-resident. Failure to deduction could cause 10 to 20% penalty of withholding amount plus 3 to 10% penalty for late remitting plus interest on due amount that compounded daily.