Best Tax Preparation Services in Scarborough, ON

Even if you do not have to attach certain supporting documents to your return, or if you are filing your return electronically, keep your supporting documents for six years in case the CRA asks you to provide them later.

The CRA will charge you a late-filing penalty if you file your tax returns after the deadline and you owe tax that remains unpaid at that time. The penalty for your current year late-filing will be 5% of your tax balance owing, plus 1% of your balance owing for each full month your return was filed after the deadline, to a maximum of 12 months.

The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment that helps individuals and families with low and modest incomes offset the GST or HST that they pay. It may also include payments from provincial and territorial programs like Ontario trillium benefit for Ontario residents.

To become eligible for Northern Ontario benefits you must be reside in the districts of Algoma, Cochrane, Kenora, Manitoulin, Nipissing, Parry Sound, Rainy River, Sudbury (including the City of Greater Sudbury), Thunder Bay, and Timiskaming.

You can claim moving expenses you paid in the year if both of the following criteria apply:you moved to work or to run a business at a new location, or you moved to study courses as a full-time student enrolled in a post-secondary program at a university, a college, or other educational institutionyour new home must be at least 40 kilometres closer (by the shortest public route) to your new work location or school