Tax Returns/Deadlines

Question 1

which return is T1?

Answer 1

Personal Tax Return

Question 2

T1’s filing deadline if you have normal employment income vs have business income?

Answer 2

Normal deadline: April 30th
Business deadline: June 15th

Question 3

which return is T2?

Answer 3

Corporate Tax return

Question 4

T2’s filing deadline? when is cash due to gov’t (SBD vs full-rate)?

Answer 4

6mo after year end
11% - 3mo
23% - 2mo

Question 5

which return is T5013?

Answer 5

Partnership tax returns
*note: taxed in hand’s of partners! partnership don’t pay tax

Question 6

T5013’s filing deadline?

Answer 6

people only: 3mo after yr end
corp too: 5mo after yr end

Question 7

which return is T4?

Answer 7

Employment income (can’t estimate)

Question 8

T4’s filing deadline?

Answer 8

Feb 28th

Question 9

which return is T5?

Answer 9

Investment Income (interest & dividend income, can estimate and restate later)

Question 10

T5’s filing deadline?

Answer 10

Feb 28th

Question 11

What yr end are source deductions on?

Answer 11

Calendar

Question 12

when is GST due?

Answer 12

throughout year (monthly. quarterly, annually)

Question 13

consequence of late/missing return?

Answer 13

interest on amt owing & penalties (non-deductible)

Question 14

late on filing T5?

Answer 14

$100, nothing for amendment

Question 15

late on filing T4?

Answer 15

dangerous to file late/amend bc cause for payroll audit

Question 16

late on source deductions?

Answer 16

significant penalties & interest

Question 17

what happens if you file late and you owe nothing?

Answer 17

nothing