Taxes are ever changing and tax returns in Canada are dynamic on a year by year basis. Many people find it challenging on how to calculate tax correctly or ask themselves how much will I pay. Whether it is filing an individual tax return or a corporate tax return, mistakes can easily be made and incorrect returns filed. Incorrect returns face the risk of being audited and reassessed, and CRA will not hesitate to impose heavy penalties and interest on amounts owing. It can take hours going through records and paperwork to correct any mistakes. This will result to an even greater stress and burden to you as a taxpayer. The risk of being audited can also be expensive and time-consuming. There is also an even greater risk in missing-out on opportunities to claim more credits and refunds.
At Estrada & Tan, we are your own income tax calculator and we are committed to providing expert knowledge and advise in the preparation of your individual or corporate tax returns based on current tax rules and regulations. Our tax professionals are dedicated to helping our clients meet their needs and resolve their tax issues in a timely manner.
The due date for filing T3 return depends on the trust's tax year-end. You have to file the T3 return, the related T3 slips, NR4 slips, and T3 and NR4 summaries no later than 90 days after the trust's tax year-end. Payment should also be made on any balance owing no later than 90 days after the trust's tax year-end.
As you accountant, we will make sure that all tax rules and regulations unique to a trust return are all met. This includes maximizing your tax return while being compliant with Canada Revenue Agency's requirements.
February and March are usually the time when most individuals look for a personal tax accountant. Estrada & Tan can assist you in completing and filing your personal income tax return. We will ensure that your personal tax return is filed on time and finding you tax credits (i.e. various child tax credits) available to you.
The filing deadline for an employed taxpayer is on April 30. If you owe any taxes in the previous calendar year, payments should be made on April 30. If you are self-employed individual, the filing deadline to submit your personal income tax return is on June 15. While if there any taxes owing in the previous calendar year, payments should be made well before the June 15 filing deadline, which should be on April 30.
The field of corporate income taxation is changing rapidly and it is important to have knowledgeable professionals on your side to assist you in complying with new tax rules and regulations.
As your corporate tax accountant, we will ensure you will file your return no later than six months after the end your corporation's tax year. Even though the filing deadline of the return is six months after year-end, any corporate tax owing are generally due two months after the end of the tax year. Additional conditions in accordance with the Income Tax Act should be met in order to be eligible for the three months payment deadline.