Personal Income Tax
Personal Income Tax
Sit back and let B. C. Meegan Accounting & Tax take care of all your personal tax filing needs. From T-slips to small business returns, depend on us to ensure you are paying the least amount of income tax as possible.
When to expect your tax slips
When to expect your tax slips
•T4 employment income slips, T4A pension income slips, and T5 for investment income slips: Reporting entities must send you these tax slips by February 28.
•T4A slips (or a T4E if you applied through Service Canada) for taxable COVID-19 benefits, should receive before March 10.
•Trusts with a 2020 calendar-year reporting period have until March 31 to send you a T3. Trusts have a deadline of 90 days after the trust’s year-end to report income to beneficiaries.
•T5013 slips reporting partnership income to their partners must be filed by March 31 as well.
What to do with your tax slips
What to do with your tax slips
The varying deadlines means it is possible that you will still be getting slips in April, and you may be tempted to simply set them aside until the last minute. However, by checking your prior year tax return and creating a written checklist, you can keep track of the slips and receipts you are expecting and receive, and it can help you identify anything that may be missing.
Also, assembling your slips and information will make it easier to catch any missing slips and/or verify accuracy; for example, you notice incorrect amounts reported on your T4A slip from the CRA or you received a T4A slip for COVID-19 benefits but never applied. In these cases, CRA requests that you call them right away to resolve the issue.
What if I have a business or farm statement?
What if I have a business or farm statement?
Even if you or your spouse are self-employed and have a June 15 filing deadline, taxes owed are still due on April 30. The sooner you can get your invoices and receipts organized for your tax preparer, the better. If you are organized and knowledgeable, you can save your hard earned cash by summarizing your income and expenses.
If you don't have time, don't worry, we are always available to help you get organized.
What our customers are saying
What our customers are saying
"B.C. Meegan Accounting & Tax took care of my tax returns last season. Bernadette was great to work with. All correspondence was returned quickly, and questions or concerns I had were answered thoroughly. Bernadette also identified, and cleared up a past issue from moving to a different province. I would recommend the services of B.C. Meegan Accounting & Tax for your tax season ease!"
Alicia Morris