Late Filing Penalties: Talk About It!

While most T1 returns are in the hands of the Canada Revenue Agency (CRA) by April 30, we know many are not. In fact, millions of returns were still outstanding as of mid-May. Late-filing clients they need to know about the consequences, especially if they owe. Here’s a rundown to be aware of:

Unincorporated small business returns are increasingly in demand as an aging demographic moves from full-time employment to self-employment as a way to leverage time and money.

The Manitoba Financial Literacy Forum is a coalition of organizations and individuals working together to promote lifelong financial education skills to Manitobans. Co-founded by Evelyn Jacks, President of Knowledge Bureau and the Manitoba Securities Commission, the goal is to improve financial literacy of Manitobans.

“Remember, today is the tomorrow you worried about yesterday.” -Dale Carnegie

It’s really surprising how many people don’t know when the tax filing deadline is. CRA often mentions two dates: May 2 and June 15. Which is it for you? 

It’s time to get those T4s and T5s out and here’s another reason from CRA to go paperless: Those who issue more than 50 T-slips for a calendar year on paper instead of by Internet file transfer or Web Forms, will be subject to huge penalties this year. All T-slips must be filed with the CRA by February 29, with the exception of T3 slips and T5013s, which are filed by March 31.

The most recent statistics on the Underground Economy (UE) in Canada are from the year 2012, released in April 2015. The total underground activities were valued at $42.4 billion or about 2.3% of gross domestic product (GDP). A high of 2.7% was reported in 1994 and this fell to a low of 2.2% in 2000. However, after a brief uptick in the early 2000s the proportion remained relatively stable between 2.3% and 2.4%.