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Tax FAQ

What are the tax reporting requirements for an individual?
An individual must report his or her annual worldwide income on a T1 - Individual Income Tax Return filed by April 30 of each year.

What are the tax reporting requirements for a sole-proprietorship?
Income from a sole-proprietorship must be included on the T1 - Individual Income Tax Return using form T2125 - Statement of Business or Professional Activities. The tax filing deadline for an individual reporting self employed income and his or her spouse is June 15, although any tax owing needs to be paid by April 30 to avoid interest charges.

What are the tax reporting requirements for a partnership?
An individual's share of partnership income is included as self employed income on his or her T1 - Individual Income Tax return. The tax filing deadline for an individual reporting self employed income and his or her spouse is June 15, although any tax owing needs to be paid by April 30 to avoid interest charges. For a limited or non-active partner, the income is not considered self employment income and the tax filing deadline would continue to be April 30.

What are the tax reporting requirements for a corporation?
A corporation must file a T2 - Corporation Income Tax Return within 6 months of the corporation's taxation year-end. Balances owing for Canadian-controlled private corporations (CCPC) with taxable income (where applicable, the total taxable incomes of all associated corporations) not exceeding the small business limit ($500,000) in the current or immediately preceding year are due 3 months after the end of the tax year. Balances owing are otherwise due 2 months after the corporations year-end.

What are the tax reporting requirements for a trust?
A trust must file a T3 - Trust Income Tax and Information Return and pay any outstanding balances within 90 days of the trust's tax year-end.

When do year-end tax slips need to be filed with the Canada Revenue Agency and distributed to taxpayers?
T4, T4A and T5 Information Returns and slips need to be filed with the Canada Revenue Agency and slips distributed by the last day of February following the calendar year.

T3 Information Returns and slips need to be filed with the Canada Revenue Agency and the slips distributed within 90 days of the trust's year-end. For a trust with a calendar year-end, the deadline is March 31 (March 30 for leap years).

If you are filing more than 50 T3, T4 or T5 slips for a calendar year, you must file by Internet File Transfer.

I have very low or no income, do I need to file a tax return?
Yes. If you are older than 18 years of age, you should file a tax return in order to apply for and receive certain government payments such as GST and Ontario Sales Tax refunds, Canada Child Tax Benefit and Guaranteed Income Supplement for seniors. You can also accumulate RRSP contribution room based on your earned income, even if you do not need to pay tax.