Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 6026 FOCUS - APRIL 2017 and Financial Services SCUGOG chartered professional accountants accounting professional corporation , 250 Queen Street Port Perry mkonopaski@ scugogaccounting.ca 905.985.9791 905.985.8893 Michael Konopaski PhD, CPA, CMA, CFP 1st Financial Centre 269 Queen Street, Port Perry ON L9L 1B9 Tel: 905-985-1926 • Fax: 905-985-4320 www1fc.ca D’Souza, Van Zeeland & Associates Complete Accounting and Bookkeeping Services All CRA Reports, HST, Payroll, WSIB Taxes - Corporate, Small Business, Farming, Personal Tax returns starting at only $30.00 Tax Management and Consulting, Financial Reviews, Personal and Business Tax Strategy, Budgets, Business Plans CRA Audits, Appeals and Tax Court Located at the 1st Financial Centre, their expertise and guidance is ready and waiting to assist you and all your needs. For more info please contact Anita or Tania at: Winner of Accounting/ Bookkeeping - 10 years in a row Tax Preparation - 3 years in a row 2015 Readers’ Choice Awards PORTPERRYSTAR 2016 Readers’ Choice Awards PORTPERRYSTAR Anita Van Zeeland FTA Tania D’Sousa CMA/CPA Complete Accounting and Bookkeeping Services Complete Accounting and Bookkeeping Services AVZ Accounting & Tax Inc Where do I file? If you choose to paper-file your return, the address where you send your tax return depends on where you live. The Canada Revenue Agency (CRA) sends you mailing labels in your tax package each year, but if you’ve misplaced them you can visit the CRA website to obtain the address of the tax office where you should send your return. You can also call 1-800-959-8281 to request this information. When is my return due? Your income tax return is due on April 30 each year, or June 15 if you or your spouse ran a business in the year, although if you owe tax your payment is due on or before April 30). If you owe taxes, make sure your return is transmitted or postmarked before midnight on the due date to avoid late-filing penalties and interest. What happens if I file late? If you file your return late and you owe taxes, you’ll automatically be charged a penalty of 5 percent of your balance owing. On top of that, you’ll face a penalty of 1 percent of the balance owing for each month your return remains outstanding, to a maximum of 12 months. And don’t forget the interest: the CRA charges interest, compounded daily, on outstanding balances and penalties. At the time of writing, the interest rate on overdue taxes was 5 percent, but this could change quarterly. Can I change my return if I find a mistake? Yes, you can file a T1 Adjustment using form T1-ADJ, “T1 Adjustment Request,” to amend your return for any mistakes you may find after the fact. You can also request changes online under the “My Account” option on the CRA website. Where can I get missing forms? The majority of the CRA forms are available for download from the CRA website. To order forms by phone, call 1-800-959-2221. If you’re missing the package and guide sent to you by the CRA, you can pick up a copy at your local post office. TOP FIVE CANADIAN TAX RETURN QUESTIONS ANSWERED