Did you know? Most individuals in Canada should file a T1 Personal Income Tax Return every year – even if they have no income. Filing ensures you receive government benefits, credits, and potential refunds you may be entitled to.
Common Questions and Answers Regarding T1 Personal Tax Returns
Q. Do I need to file a tax return if I didn’t make any money?
A. Yes, in many cases you should. Filing ensures you receive benefits such as GST/HST credits, climate incentives, and other income-tested benefits.
Q. What do you need from me?
A. We need all relevant tax slips and information, including:
- T4 slips (employment income)
- T5 slips (investment income)
- RRSP contribution receipts
- Tuition slips (T2202)
- Medical expenses
- Childcare expenses
- Charitable donation receipts
- Last year’s tax return (if available)
Q. How quickly does my return get done?
A. We ask that you allow 3–5 business days from the time we receive all your documents.
Q. What type of file do I need to send?
A. You can scan or take clear photos of your documents and send them as a PDF or JPEG. As long as the information is readable, we’re good to go!
Q. Can I drop off my papers instead?
A. Absolutely! If you prefer paper copies, give us a call at (204) 231-0947 and arrange an appointment.to arrange an appointment and we’ll be happy to assist you.
Q. Can I pay by Cash, Cheque or e-Transfer?
A. Yes, just email your information to tax@currieaccounting.com and specify how you will be paying. E-Transfer’s should be sent to lionel@currieaccounting.com
Q. When do I have to file my personal tax return?
A. The filing deadline for most individuals is April 30. If you are self-employed, you have until June 15 to file — but any taxes owing are still due April 30 to avoid interest charges.
Q. What happens if I file late?
A. If you file late and owe taxes, the penalty is 5% of the balance owing, plus 1% for each full month your return is late, up to 12 months. Interest also applies to unpaid amounts.
If you’re unsure about your situation, it’s always better to ask. Filing your T1 properly ensures you stay compliant and maximize your refund.