As the holidays are long over and winter continues, we all know in the back of our minds that tax season is quickly approaching.
For corporations, the deadline for filing T4 and T5 slips is February 28. The deadline for filing T3 slips is March 31.
For most individuals, the deadline for filing personal tax returns is April 30. If you earn self-employed income that deadline is pushed out to June 15. If you are not sure if you qualify for the extension, it’s best get in contact with a professional.
There are a few key changes this tax season to be aware of:
There have been changes to the tax on split income and passive income rule changes for corporations. You can see posts on these topics titled “Income Sprinkling Rule Changes” and “Budget 2018: Passive Investments and More.”
The Public Transit credit is no longer applicable for personal tax returns.
New in the prior year but an important reminder are the changes to the Canada caregiver tax credits for infirm dependents.
If you sold a principle residence, even though the gain is tax free (subject to certain conditions) you still have to report it on your tax return. Please keep these details on hand so they can be properly reported. With that said, the penalty for unreported dispositions is quite high so it is important this is not missed.
This is a guest post to the Frame blog by Aziz Kapasi, owner of Kapasi & Associates.