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Fixing a mistake in your (already filed) tax return

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMay 10, 20190 comments

For the majority of Canadians, the due date for filing of an individual tax return for the 2018 tax year was Tuesday April 30, 2019. (Self-employed Canadians and their spouses have until Monday June 17, 2019 to get their return filed.)  In the best of all possible worlds, the taxpayer, ...

What to do when you can’t pay your tax bill

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsApril 25, 20190 comments

Most taxpayers sit down to do their annual tax return, or wait to hear from their tax return preparer, with some degree of trepidation. In most cases taxpayers don’t know, until their return is completed, what the “bottom line” will be, and it’s usually a case of hoping for the best ...

CPA CANADA FEDERAL BUDGET COMMENTARY

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMarch 20, 20190 comments

Finance Minister Bill Morneau’s message with Budget 2019 is that, thanks to the Federal Government’s investments over the past three years, things are going well — especially for the middle class: more Canadians have full-time jobs, unemployment is at historic lows, wages are growing, ...

It’s tax filing – and tax scam – season (March 2019)

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMarch 18, 20190 comments

For many years now, there has been a persistent tax scam operating in Canada in which Canadians are contacted, usually by phone, by someone who falsely identifies himself or herself as being a representative of the Canada Revenue Agency (CRA).  The taxpayer is told that money — ...

When and how to file this year’s tax return

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMarch 11, 20190 comments

Each year, the Canada Revenue Agency (CRA) publishes a statistical summary of the tax filing patterns of Canadians during the previous filing season. Those statistics for the 2018 show that the vast majority of Canadian individual income tax returns — nearly 87%, or almost 26 million ...

What’s new on this year’s tax return?

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsMarch 4, 20190 comments

While Canadian taxpayers must prepare and file the same form – the T1 Income Tax and Benefit Return – every spring, that return form is never the same from one year to the next. The one constant in tax is change, and every year taxpayers sit down to face a different tax return form ...

Responding to a tax instalment reminder from the CRA

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsFebruary 25, 20190 comments

Sometime during the month of February, millions of Canadians will receive mail from the Canada Revenue Agency (CRA). That mail, a “Tax Instalment Reminder”, will set out the amount of instalment payments of income tax to be paid by the recipient taxpayer by March 15 and June 17 of ...

RRSPs and TFSAs — making the annual contribution

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsFebruary 11, 20190 comments

For most taxpayers, the annual deadline for making an RRSP contribution comes at a very inconvenient time. At the end of February, many Canadians are still trying to pay off the bills from holiday spending, the first income tax instalment payment is due two weeks later on March 15 ...

Apprenticeship training tax credit eliminated

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJanuary 20, 20190 comments

The province of Ontario provided employers who hired and trained eligible apprentices in designated construction, industrial and motive power, and certain service trades with a refundable tax credit, the Apprenticeship Training Tax Credit (ATTC). The maximum such credit was $5,000 ...

Tax deadlines and limits for the 2019 tax year

By Jones & O'Connell LLPAccounting, Auditing, Tax & Consulting NewsJanuary 11, 20190 comments

Each new tax year brings with it a listing of tax payment and filing deadlines, as well as some changes with respect to tax planning strategies. Some of the more significant dates and changes for individual taxpayers for 2019 are listed below. RRSP deduction limit increased The ...

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