Best Tax Preparation Services in Markham, ON

If the tax return is electronically filed, the return usually takes between seven to fifteen days. If the return is mailed, it usually takes four to six weeks.

After a tax assessment has been mailed to the taxpayer, payment in full is due immediately. If you don't make a payment, or don't contact CRA to make payment arrangements, or don't file an objection the CRA can begin to take collection action. The CRA can employ many methods: garnish your wage, hold back income tax refunds, seize your bank accounts and other assets (home, cottage etc), register liens on your property etc.

If you owe tax, the penalty is 5% of the outstanding balance plus 1% a month until the tax return is filed, to a maximum of 12 months. This works out to a maximum of 17%. If have been late in filing your return in any of the last three previous years, the penalty can be more. Reduce your stress and possible penalises, contact Tax Doctors Canada as soon as possible.

You will need all your T slips. For example, you will need your T4, T3, T5, T5008, and RSP deduction slips etc. Additional slips that you should have ready are: tuition slips, child care receipts, receipts for your childrens' fitness, charitable donation, monthly GO passes, etc. If you use your vehicle for work and have a T2200 you compile your fuel recipts, insurance costs, maintenance costs, monthly lease costs, purchase invoice if you purchased a new vehicle in the year. Remember to bring the last tax return that you have completed and your notice of assessment, if you can find it.