2019 tax filing season has started with the announcement of Honourable Diane Lebouthillier, Minister of National Revenue, Canada. As taxpayer get ready to file their business and personal tax returns, they will have a lot of questions.
To make things easier Mr. Kam Grewal,CRA expert in Calgary with over 25 years of CRA experience has compiled this document which talks about important dates to keep in mind and where and how to get answers to your questions.
What is the Deadline to File 2018 Tax Return?
April 30, 2019 is deadline to file your 2018 personal tax returns unless you or your spouse was self employed during 2018. The deadline to file their 2018 tax return for self employed individuals and their spouses including common law partners is June 17, 2019. Income tax owed for 2018 for everyone including self employed individuals and or their spouses must be paid on or before April 30, 2019 in order to avoid interest charges.
Where do You Get Income Tax Forms?
More and more taxpayers are filing their tax returns electronically every year, however if you still file paper returns, CRA should have mailed you a personalized package in February ( if you paper filed your return in 2017) that contains all the forms you need to file your returns manually ( paper file). If you didn’t get the package you can print 2018 personal tax return forms from CRA website or visit the near post office to pick up 2018 tax forms.
Who Can I Call to Get Answers to My Income Tax Related Questions?
You can call Canada Revenue Agency, general inquiries line at 1- 800-959-8281 for all your question related to personal income taxes, be prepared to wait as the telephone line could be very busy at times. CRA offers longer hours during the tax filing season thus you may want to call them early morning or late evenings to avoid rush hour. CRA also has a business inquiries line which is often not as busy as the individual’s inquiries line, thus if you have a business-related question you should call the business inquiries line at 1-800-267-2384. They will not answer questions related to personal income taxes on the business inquiries line thus don’t waste your tile by calling business inquiries line for personal income tax questions.
What are Some of the New Tax Deductions Available for 2018 Income Taxes?
There are several new tax deductions available for 2018 personal income taxes. You can consult CRA website for more information or call our office. Most talked about change for 2018 for family owned small businesses is the tax on split income (TOSI). This is the new special tax on income received by minor children from family owned businesses. On the other hand, tax rate for small businesses has dropped from 10.5 per cent to 10 per cent for 2018 and it came down to 9 per cent starting January 1, 2019.
For these and more tax changes that might affect your business taxes for 2018 and 2019 please call our office for free consultation.