Frequently Asked Questions
Many taxpayers are not well informed about their responsibilities as a tax payer, nor are they knowledgable about the tax credits and benefits they may be eligible for. Here are some examples of the most frequently asked questions. For more information don't hesitate to call us. We are here to help!
01 I have no income or no taxable income. Do I have to file?
If you have no taxable income it is not required by law to file a tax return. However, you will lose certain benefits and tax credits offered by the government that you may be eligible for. File your taxes every year to receive the GST/HST Sales Tax Credits and the Ontario Trillium Benefit, Child Tax Benefit, and Working Income Tax Benefit.
02 What is the penalty for late filing?
The penalty is 5% of your 2014 balance owing, plus 1% of your balance owing for each full month your return is late, to a maximum of 12 months. If you were late in a previous year as well, your late-filing penalty for 2014 may be 10% of your 2014 balance owing, plus 2% of your 2014 balance owing for each full month your return is late, to a maximum of 20 months. If you have a balance owing, we charge compound daily interest starting May 1 on any unpaid amounts owing.
Even if you cannot pay your full balance owing on or before April 30, you can avoid the late-filing penalty by filing your return on time.
03 What if I don't have all my information slips?
Slips are prepared by your employer, payer, or administrator. You should have received most of your slips and receipts by the end of February. However, T3, and T5013 slips do not have to be sent before the end of March.
If you have not received, or have lost or misplaced a slip for the current year, you have to ask your employer, or the issuer of the slip, for a copy.
You can obtain current year and prior year old age security (OAS), employment insurance (EI) and Canada Pension Plan (CPP) tax slips electronically. This secure service is found by visiting Service Canada.
If you have to file a return for 2014, file it on time even if some slips or receipts are missing.
If you know you will not be able to get a slip on time to file your return, or you do not receive them, attach a note to your paper return stating the payer's name and address, the type of income involved, and what you are doing to get the slip. Use your pay stubs or statements to estimate the income to report and any related deductions and credits you can claim. Attach the pay stubs or statements to your paper return. If you are filing electronically, keep all of your documents in case we ask to see them at a later date.
04 What if I cannot pay in full now?
Any amount you owe is payable in full as soon as you are notified that you have been assessed or reassessed. The CRA makes it easy for you to make a payment online; you can make your payment anytime, from anywhere.
Where applicable, the CRA charges interest at the prescribed rate on any amount owing until the balance is paid in full.
If you cannot pay the full amount you owe, take action right away. Ignoring your debt does not make it go away. In fact, waiting may make any financial or legal consequences more serious.
You may qualify for one of the programs below that help individuals and businesses meet their obligations without causing additional hardship.
05 When can I expect my refund?
The Canada Revenue Agency starts processing income tax and benefit returns in mid-February.
If you file your return electronically it generally takes as little as eight business days to process it.
If you file your return on paper, it generally takes four to six weeks to process it.
It may take longer to process your return if the CRA selects it for a more detailed review.
If you choose to use direct deposit, you could get your refund faster.