TABULATIONS

HST:                                                                              Annual HST Returns are due within 3 months of year end Quarterly and Monthly HST Returns are due within 1 month of period

T2 Corporate Tax Return:
6 Months past year end - interest begins 3 months past year end. 

T4 / T5 Returns:
Must be completed, filed and distributed before February 28th of each year

T3 Returns:
90 days past year end 

T1 Personal Income Taxes:
April 30th and June 15th if you or your spouse has self employment income ~ Interest accrues as of May 1st but no penalties will be assessed.

RRSP Purchase:
March 1st (60 days past year end)

Tax Free Savings Account (TFSA) - Effective January 1, 2009.

A valuable tax exempt vehicle which allows for $5,000 of annual contributions.  These contributions do not reduce income when they are made and no taxation is incurred on interest/gains/dividends/etc.  Copntact your bank for further details.  

Source deductions are due the 15th day following the month of deductions (Large corporations may be required to file bi-weekly).

The following link will direct you to the Payroll section of the CRA site including deduction tables and calculators available for download.   www.cra-arc.gc.ca/tax/business/topics/payroll/tables-e.html

It is imperative that the remittance is filed on time.  Should there be no deductions for the month the return is required to be submitted detailing same and the reason why no deductions were due.  See back of form. 

NIL Payroll can also be reported by telephone @ 1800.959.2256 - follow the prompts 

CRA takes action to enforce tax laws

Ottawa, Ontario, January 8, 2008… You cannot avoid paying the taxes you owe by not filing a tax return, or by not reporting all of your income.

The Canada Revenue Agency (CRA) uses a variety of tools to identify non-compliance and take action to address mistakes or tax cheating.

The CRA is committed to promoting the integrity of the tax system through a number of compliance activities. In 2006-2007, the CRA:

• Identified a total dollar value of non-compliance of about $12.7 billion, including almost $4.9 billion for international and large businesses;
• Obtained more than 800,000 returns from taxpayers who had not filed their returns;
• Made almost 820,000 adjustments to individual tax returns after comparing the information reported by taxpayers with data filed by third parties, such as employers;
• Reviewed more than 6,400 businesses to ensure they were maintaining proper books and records;
• Conducted over 393,000 audit and review actions, including 20,635 underground economy audits, and more than 1,300 investigations of taxpayers suspected of earning income from illegal activities;
• Undertook legal action that resulted in the conviction of 1,266 taxpayers who had not filed tax returns or not registered for goods and services tax/harmonized sales tax (GST/HST);
• Referred 259 income tax and GST/HST criminal investigations for prosecution. Of the prosecution cases completed in the past year, 98% resulted in convictions; and
• Recovered $9.7 billion through collections activities.

More information on the compliance activities the CRA undertook in the past year can be found in the 2006-2007 Annual Report to Parliament, available at www.cra.gc.ca/annualreport. The Web site also contains information on CRA programs such as the Voluntary Disclosures Program, which allows taxpayers to come forward and correct their tax affairs before the CRA begins any audit action or investigation.