June 30 Tax Deadline is Looming for Non-Residents

An important deadline is approaching for non-residents with certain Canadian-source income. June 30 is the deadline to file elected returns under Section 216 (pertaining to rental income) and Section 217 (pertaining to Canadian source pension income). There may be significant consequences for missing this deadline as returns received after this date, generally aren’t accepted. Here’s what you need to know:

Ensure you and your staff provide your clients with the most accurate and current tax information and services. Our T1 Professional Tax Preparation – Basic course now includes the latest tax changes for the 2013 and 2014 tax years, including announcements made in the February 11, 2014 federal budget.

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On February 23, the same day Canadians watched their men soar to gold in hockey over Sweden, the G20 Finance Ministers and Central Bank governors reported ten points of great news from their meeting in Sydney, Australia.

Don’t forget the RRSP contribution deadline of March 3, to maximize your 2013 RRSP deduction and reduce net and taxable income.

G & J Muirhead Holdings Ltd. v. The Queen (2014) TCC 49, a recently released judgment from the Tax Court of Canada (TCC), serves as an important reminder to all taxpayers that rely on the corporate status of their small business for favourable tax treatment: the personal services business distinction could cost you. 

Are you making choices between investing in a TFSA or an RRSP? Which should come first?