Filed Your Return? Here’s What You Need to Know

With taxes due on April 30th at midnight, many Canadians have already filed their taxes and are ready to make any payments for balances owing to the CRA for the 2018 tax year. Here is some information that you need to know if you have already filed your return.

Getting a Refund

If you overpaid your taxes, you will be entitled to a refund! If you are receiving a refund then you can expect it in 2 weeks when you file online and 8 weeks when you file through mail. If you are set up for direct deposit you can receive your refund faster. If you have overpaid your taxes and have not received your refund 31 days after the date you paid, you may be entitled to interest on your refund!

Notice of Assessment or Reassessment

Your notice of assessment indicates whether you have any balance owing, refund, or zero balance. The notice of assessment also indicate You can receive your notice of assessment after your file your return. If you are filing online, you can receive your Notice of Assessment online in two weeks. If you are filing your return by mail, you can expect your Notice of Assessment in eight weeks.

If you are receiving a Notice of Reassessment, do not panic. A Notice of Reassessment simply states that changes were made by the CRA to your return. You may also receive a notice of reassessment if you have made an adjustment to your return after filing. If you receive a Notice of Reassessment, you will have 90 days to file a Notice of Objection.

Request for Information

A request for information is when the CRA asks for information regarding something that has appeared on your return. This is not an audit, but a simple record check. Remember to keep records for returns for up to six years after filing the return so that you have the proof to provide for this request. You can submit receipts online through your My Account if you have electronic copies of your records.

Paying Your Taxes

When you have to pay a balance owing, you have several options as to how you can pay that amount. You can set up online payments to the CRA with any major financial institution. Here are the options you have to pay your balance owing.

    Paying in Person

    You can pay in person by visiting a Canada Post location and paying using a Quick-Response code. You can also hand in a copy of your return to your closest tax centre. Information about your closest Tax Centre can be found on the Canada Revenue Agency website.

    Cheque or Money Order

    These forms of payments can be made out to the Receiver General of Canada. The cheque should be mailed to the address on the back of your remittance voucher and sent with the remittance voucher alongside the cheque or money order. If you do not have a remittance voucher, you can find details on where to send your cheque from the Canada Revenue Agency website.

    Debit or Credit

    Individuals who are using a Debit Mastercard, VISA debit, or interac can use My Payment to pay their amount owing. My Payment is a service that allows you to directly pay amounts owing to the CRA directly to them using your bank access card.

    Pre-Authorized Debit

    Pre-authorized debit or PAD allows you to set up a payment amount and give the CRA permission to withdraw the amount from your bank account on a predetermined date. Be aware that to use this option, the payment date must be five business days from the day you create the agreement. Therefore, taxpayers attempting to use PAD will not be able to get their payment in on time unless the agreement was created before April 24th.

    Trouble Paying?

    If you are unable to pay your return in full, you can arrange to make payments to the CRA over time to pay your balance owing. In certain circumstances, you may also request relief from interest or penalties from the CRA. It is advised that you contact the CRA as soon as possible in order to inform them of your situation and avoid increasing the interest and penalties on your balance owing.

File On Time!

It is important to remember that payment through third parties is not immediate and therefore may require a certain number of business days for the CRA to receive the payment. Therefore, ensure that your payment will make it to the CRA before the deadline or you may be liable for a late filing penalty.

Haven’t filed your taxes yet? Visit one of our locations and have a professional file your return before April 30th. Our professionals will ensure that you claim all the necessary credits and deductions so you pay the least amount of tax. You can also download our TaxTron software to file your return online!

Ontario Budget 2019

Premier Doug Ford’s government released their first provincial budget today along with a new license plate and slogan for Ontario citing “A PLACE TO GROW”. The government has offered new tax credits, less regulations, cuts to government programs, and a new transit plan. Here’s some of the main points discussed in Ontario’s 2019 budget.

CARE Tax Credit

The Childcare Access and Relief from Expenses (CARE) tax credit will be introduced in Ontario to provide support for low income families in paying their childcare expenses. Families can receive up to $6000 per child under age 7, up to $3750 per child between the ages of 7 and 16, and up to $8250 for a child with a severe disability. Although the tax credit would primarily help low income households, the credit will also provide relief for households with income up to $150,000. The government is also allocating $1 billion over five years to increasing childcare spaces in Ontario.

Business Tax Credit

The government has offered a tax credit to businesses to allow them to write their capital expenses off immediately. The credit comes as an alternative to their plan to reduce the corporate tax rate. The purpose of this offering is to give companies an incentive to spend money as opposed to keeping profits.

Transit

$28.5 million will be allocated to a transit plan for the Greater Toronto Area which will include an increase in subway lines and regional rail transit. The plan includes the “Ontario Line”, which will be the new subway line connecting the Ontario Science Centre to Ontario Place.

Auto Insurance

The government is also proposing to reduce auto insurance rates by providing flexible options for providing insurance to drivers. The government is planning on implementing these changes over several years so that rates are more entwined with the driver’s history. They are also looking to allow electronic proof of insurance along with a new “Driver Care Card” for receiving benefits from claims. The province is also increasing the maximum benefit which can be claimed from $1 million to $2 million.

Dental Care for Seniors

$90 million will be allocated to assist low income seniors in getting dental care. Seniors with annual income below $19,300 or couples with combined income less than $32,300 will qualify for dental care this summer. This initiative will be implemented to give seniors greater access to dental care. According to the report, seniors were one of the most under represented groups to make regular dental check-ups.

Alcohol and Gambling

The government has also outlined it’s plans to decrease regulation in regards to gambling and alcohol sales. The government is proposing legislation to allow for drinking in parks, tailgating events, and to allow liquor sales in restaurants at 9am, 7 days a week. The government also is looking to allow private companies to participate in online casino style gambling.

The government is also planning on gradually decreasing the deficit and leading up to a surplus by 2024. The approach will involve reducing the amount of debt year by year and increasing the province’s debt to GDP ratio. The Finance Minister has stated that the approach is a “Goldilocks Approach” because the changes have to be just right in their implementation.

Overall, the changes introduced in the budget are of a large scope and are appealing to a large demographic. Seniors to millennials, low-income earners to high-income earners, and all people in between can expect one of these offerings to affect them in one way or another in the upcoming year.