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The deadline for most individuals to file their tax return is April 30 of each year. If you’re self-employed, you have until June 15, but any balance owed is still due by April 30.
Yes. You can claim ITCs on business-related purchases if registered for GST/HST.
Yes. You can claim eligible expenses that exceed the lesser of *3% of your net income or $2,635 (2024).
Absolutely. We analyze all available credits and deductions to help you receive the maximum refund possible.
Yes, we offer CRA Representation Services and can communicate directly with the CRA on your behalf.
Yes, if you work from home and meet CRA eligibility, you can deduct a portion of your utilities, rent, and internet.
Yes, childcare expenses (e.g., daycare, babysitters) are deductible for children under 16.
While possible to do it yourself, hiring a professional like HBT Accounting ensures accuracy, saves time, and avoids CRA penalties.
Yes, if your revenue exceeds $30,000 in a 12-month period.
Yes, any self-employment income must be reported, even if it’s part-time or casual.
You can file online through CRA My Business Account, or have HBT Accounting manage the filings.
If you earn income in Canada or want to claim tax credits or benefits (e.g., GST/HST credit), you must file a return.
Visit CRA My Account to register. You’ll need personal details and past tax return info.
You should keep all tax records and receipts for at least six years from the date you file your return.
Ideally, your records should be updated weekly or monthly to ensure accurate tracking and timely reporting.
Depending on your frequency (monthly, quarterly, annually), due dates vary. Most annual filers have a June 15 deadline.
Common credits include the basic personal amount, tuition credit, disability tax credit, and medical expense credit.
We support industry-standard tools including QuickBooks, CaseWare, and other cloud-based solutions.
Common documents include T4 slips, RRSP contribution receipts, medical/dental receipts, donation slips, tuition forms (T2202), and investment income slips (T5, T3)
Students may claim tuition amounts, textbook amounts (prior years), and moving expenses.
Common deductions include home office, vehicle use, marketing, supplies, business meals, and insurance.
You may face interest and penalties. Timely filing avoids CRA enforcement and protects your business.
The CRA may charge a 5% late-filing penalty, plus 1% per month on any unpaid taxes. Interest also accrues daily on your outstanding balance.
A T1 return is the personal income tax return filed by individuals, including sole proprietors and self-employed Canadians
Bookkeeping tracks your business income and expenses to help you stay compliant, make informed decisions, and prepare accurate financial statements.
If your new home is at least 40 km closer to your work/school, you can claim moving costs, storage, travel, and temporary housing.
Penalties range from late filing fees, interest charges, and disallowed claims to legal action for tax evasion.
The CRA offers payment arrangements. We can help negotiate terms and prevent collections.
Contact us immediately. We will review the letter, respond professionally, and represent you before the CRA.
T1 is your personal tax return; T4 is a slip issued by your employer showing your employment income and deductions.
Bookkeeping involves recording daily transactions. Accounting interprets this data for strategic decision-making, reporting, and tax preparation.
Self-employed individuals have until June 15 to file, but any tax owed is due by April 30.
Businesses earning over $30,000 annually must register for GST/HST.