Admin CRA

Question 1

T1 return filing dates

Answer 1

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

Question 2

Instalment Timing for Individuals

Answer 2

March 15
June 15
Sep 15
Dec 15

Question 3

When are Individuals required to pay instalments?

Answer 3

If Net Tax Owing > $3000 in:
- 2023; and
- In either 2022 or 2021

Then individual must pay instalments

Question 4

Individual’s installment calculation methods:

Answer 4

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

Question 5

When should Corporations File T2 Return?

Answer 5

Always

Question 6

Return Filing Date for Corporations?

Answer 6

within six months of the end of each tax year

Question 7

When do corporations pay instalments:

Answer 7

each month

Question 8

When are corporations required to pay instalments?

Answer 8

Required when taxes payable in either current or previous year is > $3,000

Question 9

What are methods of calculating installments for corporations?

Answer 9

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

Question 10

What conditions must be met for a company to be considered small CCPC?

Answer 10

• 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

Question 11

at what intervals do small CCPC need to pay instalment?

Answer 11

Quarterly

Question 12

Due Dates of Balance owing for individuals

Answer 12

April 30 of following year - no extension to june 15 for individuals with business income

Deceased individuals: due date are the date of return

Question 13

Due Dates of Balance owing for corporations

Answer 13

2 months after year end
3 months for some CCPCs

Question 14

Which provinces have HST (15%)

Answer 14

New Brunswick
Newfoundland
Nova Scotia
Prince Edward Island

Question 15

Provinces that have GST and PST?

Answer 15

Manitoba
Saskatchewan
BC

Question 16

Which province’s rates apply for Tangible goods when there are two provinces in business?

Answer 16

Province where goods are delivered

Province where the services are used

Province where the property is located

Question 17

Until what threshold are small suppliers exempt from GST?

Answer 17

<$30,000 on sales

Question 18

When do taxpayer needs to File GST every month?

Answer 18

when taxable sales > $6,000,000

Question 19

When do taxpayer need to file for GST on Annual basis?

Answer 19

Taxable sales < $1,500,001

Question 19

When do taxpayers need to file for GST quarterly?

Answer 19

Taxable Sales between $1,500,001 and $6,000,000