Admin CRA Flashcards
T1 return filing dates
April 30 of the Following Year - most individuals and terminal return of a person who dies between Jan 1 - Oct 31 (who is not carrying a business)
June 15 of Following Year (Self employed individuals with business income OR if a self employed individual dies between Jan 1 to December 15)
6 Months After Date of Death
Instalment Timing for Individuals
March 15
June 15
Sep 15
Dec 15
When are Individuals required to pay instalments?
If Net Tax Owing > $3000 in:
- 2023; and
- In either 2022 or 2021
Then individual must pay instalments
Individual’s installment calculation methods:
Method 1 : (Estimate For Current Year) / 4
Method 2: (Actual For Preceding Year) / 4
Method 3 (CRA method):
- 1&2 - (Actual For 2nd Preceding Year) /4
- 3&4 - (Actual For Preceding Year - Payments 1 & 2) / 2
When should Corporations File T2 Return?
Always
Return Filing Date for Corporations?
within six months of the end of each tax year
When do corporations pay instalments:
each month
When are corporations required to pay instalments?
Required when taxes payable in either current or previous year is > $3,000
What are methods of calculating installments for corporations?
Method 1- (Estimate For current Year) / 12
Method 2 - (Actual for Preceding Year) / 12
Combination (CRA):
- 1&2 - (Actual For 2nd Preceding Year) / 12
- 3-12 - (Preceding Year Taxes - Payment 1 & 2) / 10
What conditions must be met for a company to be considered small CCPC?
- Taxable income does not exceed $500,000 during current or previous year
- Taxable capital employed in Canada does not exceed $10 million during current or previous year
- Some amount of SBD in current and previous year
- Perfect compliance in last 12 months
at what intervals do small CCPC need to pay instalment?
Quarterly
Due Dates of Balance owing for individuals
April 30 of following year - no extension to june 15 for individuals with business income
Deceased individuals: due date are the date of return
Due Dates of Balance owing for corporations
2 months after year end
3 months for some CCPCs
Which provinces have HST (15%)
New Brunswick
Newfoundland
Nova Scotia
Prince Edward Island
Provinces that have GST and PST?
Manitoba
Saskatchewan
BC
Which province’s rates apply for Tangible goods when there are two provinces in business?
Province where goods are delivered
Province where the services are used
Province where the property is located
Until what threshold are small suppliers exempt from GST?
<$30,000 on sales
When do taxpayer needs to File GST every month?
when taxable sales > $6,000,000
When do taxpayer need to file for GST on Annual basis?
Taxable sales < $1,500,001
When do taxpayers need to file for GST quarterly?
Taxable Sales between $1,500,001 and $6,000,000
