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First you need to determine your reporting period. CRA assigned you different reporting period according to how much your business earn “last year”. Yes, it is an estimate. e.g. If the first year in business earn over $1.5 Million, then CRA will come after you this year Quarterly for your GST / HST payment for [...]
If your fiscal year end before April 2007, the following penalty applies to you: 6% per year on outstanding amount If you receive a warning notice to demand you to file and you still did not do so, penalty of $250 and 5% of the overdue amount will apply Interests will be charge on your [...]
I cannot stress enough that the deadline of T4 (and all other slips) is last day of Feburary. But, just in case you are late, here is the penalty you will need to pay: Penalty of each T4 slip failure to file is $25 a day, with a minimum penalty of $100 and a maximum of [...]
This is one of the most common questions for small business corporation owners. So it is year end, you need to file your personal income tax, what to do? You have been taking money out of your business account for personal use, pay your bills over the year, and now what? It is different when [...]
This deadline doesn’t just apply to T4, in fact this deadline also apply for T4A, T5, T3, and other T slips. ****Deadline: LAST DAY OF FEBRURARY**** This deadline apply to the time you need to file to the government, also the time your employees receive their T slips from you as an employer. If the last [...]
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