Individuals

​Generally, all Canadian residents need to file a personal tax return on or before April 30 each year for the previous calendar year.  If you or your spouse or common-law partner carried on a business in the calendar year, you can file the return on or before June 15 of the following year.  However, if you have a tax balance owing for the calendar year, you still need to pay it on or before April 30 to avoid any late penalty or interest

You must file a tax return if you owe tax or want to receive a refund.  Even if you have no income to report or tax to pay, you may be eligible for certain payments or credits, such as GST/HST credits, Old Age Security pension and Canada Child Tax Benefit payments.  However, in order to receive these payments or credits, you must file an income tax return.

​If you had a net tax owing of over $3,000 in the previous tax year, you will need to make installment payments for the current year.  The installment payments are due on March 15, June 15, September 15 and December 15 of each year.  Installment interest will be charged if payments were late.

If you own foreign investment property costing more than $100,000 or partnerships that hold more than $100,000 in foreign investment property and whose non-resident members’ share of income of loss is less than 90% during the period, you will need to file the foreign income verification statement (T1135).  It is important to note that shares or bonds of foreign companies or countries, even if held by a Canadian financial institution, are considered foreign investment property.  However, foreign investment property does not include personal-use property or assets used only in active business.

Beginning in 2007, up to 50% of eligible pension income may be transferred to a spouse or common-law partner for tax purposes.  Spouses or partners need to make a joint election (T1032) when filing tax returns each year. 

Starting 2016, you must report the sale of principal residence in Schedule 3 or file an election S45(2) in the year of disposition to claim the principal residence exemption.
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Our firm helps clients file personal tax returns, including those with self-employed income, foreign income verification statements (T1135) and joint election to split pension income (T1032).  When needed, we can also help with Voluntary Disclosures Program applications, requests for loss carryback (T1A) and T1 adjustment requests (T1ADJ).  

Aside from personal tax returns and associated filings, we also prepare Underused Housing Tax returns (UHT), and T3 trust returns (Bare Trust and Testamentary Trust specifically). 

​If you are looking for our assistance, please complete the appropriate checklists and call us at 604-267-1220 or send us an e-mail at info@kyipcpa.com for an appointment.