The tax deadline is quickly approaching. Now is the time to review your tax status and make sure that you have taken advantage of the opportunities available to you and that you have the documents and forms required by the government before you can file.
To help you prepare, Millards Chartered Professional Accountants has created the 2019 PERSONAL INCOME TAX QUESTIONNAIRE.
Joshua Laporte, CPA, CA & Partner from Millards Chartered Professional Accountants says that the questionnaire was made to help streamline the information collection process. While designed with Millards Chartered Professional Accountants clients in mind, this handy reference form is applicable to anyone in reviewing their personal tax returns for 2019.
“This free, downloadable PDF form will give anyone a head start in collecting the information and paperwork you need to submit your tax returns.”
Laporte reminds everyone to be mindful of the tax filing deadline as well as the cutoff for RRSP contributions.
“You can put money into your registered retirement savings plan at any time. If however, you want to get a tax refund with your 2019 return, you have to add the funds by the RRSP contribution deadline. The cutoff this year is March 2nd since the deadline falls on a Saturday this year.”
For the majority of tax filers, April 30 is the deadline to both pay any tax due and file returns.
“If you’re self-employed, you have until June 15th this year. Just remember that if you owe taxes, you are required to pay any amount due by April 30th, 2020.”
You’ll be assessed a late-filing penalty and daily interest charges if you miss the deadline to either pay what you owe or send in your paperwork.
The Canada Revenue Agency (CRA) will start accepting electronic returns on Feb. 24th for those eager to get money back.
“Filing early has advantages for those expecting money back but there are reasons not to file before you are ready. Some tax slips you need to file your return are not due until March 2nd, others on March 31, so just be aware that you need all of your paperwork to send in your returns without penalty.”
Do you need help with your personal tax return or accounting? Millards has 7 locations across Southern Ontario to serve its growing list of individuals and corporations who count on us to guide them through the complexities of finance.
2020 is the 100th anniversary of Millards Chartered Professional Accountants. We have a long and rich history of helping our clients to navigate successfully through the turbulent waters of financial well-being. We’re proud of our century of service!
Joshua Laporte, CPA, CA & Partner from Millards Chartered Professional Accountants specializes in corporate and personal tax compliance, US personal tax, reorganizations of corporate and other business structures, estate planning and commodity taxes and cross-border transactions.