COVID-19 and Taxes: Important Updates

By | March 23rd, 2020|Business, Not for profit, Taxes|

It’s crazy times right now among this COVID-19 outbreak. We want to remind you that we are here for you at Virtual Heights Accounting. The government announced some significant economic measures to support Canadians during this COVID-19 crisis over the past few weeks. The full economic plan is covered here in detail: https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html  Here is a brief summary of measures that may be relevant to you.  Personal Tax Extension of payment deadlines for personal incomes taxes to September 1, 2020; Extension of filing deadlines for personal income tax (T1) returns to June 1, 2020 (we should still file if you have [...]

I Haven’t Filed My Corporate Taxes in Three Years: What Should I Do?

By | March 15th, 2020|Accounting, Business, Not for profit, Taxes|

Sometimes life gets in the way. It prevents you from meeting your responsibilities as a business owner or the director of a charitable organisation. It happens, and if you find yourself behind on your taxes (or maybe you’ve never filed a tax return), it’s always best to get caught up then try your best to stay on top of things.  The Canada Revenue Agency (CRA) has a number of programs available to help make getting caught up a little easier.  Voluntary Disclosure The CRA Voluntary Disclosure Program provides an opportunity for taxpayers to correct a misfiled return or file a return [...]

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Why Do I Have to Pay Instalments and What Happens if I Don’t?

By | December 18th, 2019|Business, Taxes|

The requirement for corporations to pay corporate tax instalments is the same as when individual taxpayers have income tax deducted from their paycheque every payday. Just like tax payments sent in on behalf of taxpayers by their employers act like a credit against the amount of tax owing at the end of the year, instalments made by corporations reduce their tax bill when they file their tax return.  What are instalments? Instalments are tax payments you pay before filing your tax return. Even if your company doesn’t meet the requirement to pay instalments, you can do so voluntarily to avoid a [...]

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