Cloud Tax Solutions

Frequently Asked Questions

Home / FAQs

FAQs

Usually, taxpayers have until April 30th to complete their tax filing 2023. If the deadlines falls on a Sunday, taxpayers will have until May 01, 2023 to file their 2022 tax return and same way tax payment is due April 30, 2023.

If you are self-employed, you’ll have a to file your taxes return until June 15, 2023 and tax payment is due April 30, 2023.

Corporate tax return must be filed within six months of a corporation’s taxation year end June 30, 2023 for a December 31, 2022 year end and corporate tax payment for CCPC due within 60 days from the date of year end February 28, 2023 for a December 31, 2022 Year end.

The penalty is equal to five per cent of whatever you owe on your 2022 taxes, plus an additional one per cent per month you're late after the filing deadline. In addition, the amount that you owe to the CRA begins to grow with compounding interest on the first day after the deadline.

Monthly and quarterly filers must file the return and payment one month after the end of the reporting period. Annual filers have until March 31 (Incorporation Companies) and until June 15 (Self-employed) of the year following the tax year for which the return is being filed.

The Canada Revenue Agency (CRA) charges interest if you make late or insufficient payments. Depending on the debt, the interest charged is either arrears interest or instalment interest. The CRA pays interest on an overpayment or refund of net tax claimed on a GST/HST return.

Generally, you can claim donation tax credit up to the limit of 75% of your net income for the year. Calculation of the donation tax credit at the federal level, you are credited 15% of the first $200 of donations and 29% of additional donations above the first $200. Provincial donation tax credits on the first $200 and amounts above the first $200 range between 4% to 25%.

You can claim $2 for each day you worked from home in 2020, 2021, or 2022 due to the COVID-19 pandemic. you can claim up to a maximum per year of $400 in 2020 and up to $500 in 2021 and 2022. your employer is not required to complete and sign Form T2200. you are not required to keep documents to support your claim.

As per CRA, every taxpayer has to file personal tax return every year regardless of income.

This will depend on your needs and the work’s complexity. For example, you have more than two slips, more than one rental property and dividend income from a limited business, we’ll need to determine our fees accordingly.

 

Didn't find the answer to your question? Please ask here

Success
Thank you! Form submitted successfully.
This field is required
This field is required
This field is required

Copyright 2024 © All Right Reserved