Missing or Late-Arriving Slips
***CRA levies significant penalties for income that is not reported. If you receive any slips (T3s, T5s, etc) after you have filed your tax return, please contact our office immediately so that we may file an adjustment for you ASAP.
Please note that the disposition (sale or change in use) of a principal residence must be reported on the tax return in order to qualify for the capital gains exemption – please be sure to notify us in this situation, and to file your tax return on time. There are costly penalties for failure to comply.
CRA often requires receipts (i.e. medical, rent, donations) be submitted after returns are filed. Our office scans receipts and will submit them on your behalf (there is a fee for this service; you may also reply to CRA’s request for documentation yourself) if CRA requests documentation. Please note a review does not represent a tax audit.
***Please do not submit your business expense receipts with your tax materials, unless our office is doing your bookkeeping.
If you would like your tax refund and/or other government payments directly deposited to your bank account (recommended), please submit a void cheque or provide account information: Transit Number (5 digits), Institution Number (3 digits), Account Number (up to 12 digits). Federal government cheques are being phased out and all taxpayers are being encouraged to set up direct deposit.
If you hold foreign assets totaling over $100,000 (cost basis), CRA requires a T1135 form, which must be submitted by your tax return due date. The penalty for late filing is up to $25 per day to a maximum of 100 days and is strictly enforced by CRA.
Changes in Marital Status
If your marital status changes during the year, you must inform CRA within one month of the change by filing a RC65 form. We can file this for you if you contact our office.
When a couple separates or divorces, the Child Tax Credit can be shared.