FAQs

  • Under what conditions corporate tax installments can be made quarterly?

    In To make quarterly corporate tax installments, several conditions must be meet including having perfect compliance history with a taxable income of $500,000 or less in current or previous years. For exact eligibility criteria, please click here.

  • How can I check whether the CRA has received my payment?

    You can check by giving the CRA a call a few days after the payment is made. The other option is to log in to your “My Account” on the CRA website and access your information. The registration generally takes around 10 business days. Here is a video showing you how to register at the CRA

  • Do university students have to file income tax return?

    There is no distinction between students and other taxpayers. However, students are less likely to have taxable earnings in which case, filing a tax return while advisable, is not required. In the following situations a tax return must be filed:

    • you have to pay taxes for the year
    •  you have not repaid all amounts withdrawn from your RESP under the Lifelong Learning Plan
    • you have to contribute to the Canada Pension Plan (CPP)

    Even if none of the above situation applies, it is advantageous for students to file their income tax returns in the following situations:

    • To claim refunds that may be due
    • To claim for the GST/HST credit
    • To claim for Canada Child Tax Benefit payments
    • To carry forward or transfer the unused part of tuition, education and textbook amounts
  • What do I do to get a copy of my missing information slips?

    The CRA has a copy of all your information slips (i.e. T4, T4A, T5, T4RSP, T4AP, T4(OAS), etc.). Call the CRA at 1-800-959-8281 and request a copy of your missing slips.Remember to have a copy of your tax return and other personal information to help the CRA to verify your identity

  • I just E-filed my personal tax return. Do I keep my tax receipts?

    When you e-file your personal tax return, CRA requires that you keep all your receipts for 6 years just in case you are asked to produce them.

  • I have a dispute with the Canada Revenue Agency. Should I get a lawyer?

    Well, it depends on the nature of the dispute. Generally speaking, you do not need a lawyer to deal with matters such as Notices of Objection, overdue tax returns, or Tax Fairness Provisions. Your professional accountant is trained to represent you in dealing with the CRA. Even in a more serious matter, it is best to consult your accountant, who if necessary, will refer the matter to a competent lawyer. Regardless, it is extremely important that you take CRA inquiries seriously by responding to them as quickly as possible.

  • Is there ever a circumstance where the CRA can refuse to issue my refund?

    Yes, one such circumstance where the CRA can refuse to issue your refund is when the taxable income for a tax year is reported after 3 years of the reporting period. For example, if you file your 2014 tax return in February of 2019 then the CRA can refuse to issue the refund. For more comprehensive answer to this question see our post here

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