Economical Cash Flow Statement Preparation for Canadian Businesses

For the 2025 tax year the filing and payment deadline is 30 April 2026. If you or your spouse were self-employed, the filing deadline moves to 15 June 2026, but any balance owing is still due 30 April 2026. Interest starts the day after the payment deadline, and a late-filing penalty applies on top when a return with a balance owing is filed late. File on time even with nothing owing, because income-tested benefits are recalculated from the filed return.

File a T1 return for the year, sending it electronically with CRA-certified software or mailing a paper return. Gather your slips and receipts first and check them against the ones listed in My Account. For the 2025 tax year the filing and payment deadline was 30 April 2026, or 15 June 2026 to file if you or your spouse were self-employed, with payment still due 30 April 2026. CRA online filing for 2025 returns closes 29 January 2027.

Work out the tax you actually owe for the year, then compare it with what has already been paid. Total your income, subtract deductions to reach taxable income, apply the federal and provincial brackets, take off your credits, and set the result against the tax withheld on your T4 and other slips plus any instalments. If more was withheld than you owe, the difference is your refund. Tax software approved for NETFILE runs the same arithmetic once your slips are entered.

For the 2026 tax year, federal rates are 14% on the first $58,523 of taxable income, 20.5% from there to $117,045, 26% to $181,440, 29% to $258,482, and 33% above that. Each rate applies only to the income inside its own band, so moving into a higher bracket does not raise the tax on the income below it. Provincial or territorial tax is added on top.

Sign in to CRA My Account, go to the tax returns area and open the assessed return for the year you need. The T1 General is the return itself, so the copy you download there is what lenders, landlords and immigration officers usually ask for, normally alongside the notice of assessment. If the year is too old to appear online, request a copy by phone or in writing and expect it by mail.

A TD1 Personal Tax Credits Return tells your employer which personal credits to build into your income tax withholding, so the right amount comes off each pay. You normally complete a federal TD1 and a provincial or territorial TD1 when you start a job. File a fresh pair whenever your situation changes, for instance a new dependant, tuition, or a second employer, where you should not claim the basic personal amount twice.

Yes. A bank or other payer that issues you a T5 also files a copy with the Canada Revenue Agency, so your investment income is on file whether or not the slip reaches you. Issued slips generally show up in My Account, which is worth checking before you file. Report the income even when a slip is missing or late, because omitting it invites a reassessment with interest, and interest income is taxable in full at your marginal rate.

The Guaranteed Income Supplement is tested on the income you reported for the previous calendar year, plus your spouse income if you have one. Old Age Security pension itself does not count. Employment and self-employment earnings get a partial exemption, while most other taxable income counts in full, including RRSP and RRIF withdrawals, workplace pensions, CPP, and investment income. If your income drops because you retired, ask Service Canada to use an estimate for the current year.

It goes to the person primarily responsible for the child's day-to-day care. Where care is shared roughly equally, the CRA splits it, so each parent receives half of what they would get alone, calculated on their own family net income. Tell the CRA when your marital status changes, because a stale status distorts both payments. Where the child lives mainly with one parent, only that parent is treated as the primary carer.

The additional property transfer tax is 20% of the foreign buyer's share of a residential property's fair market value, the rate since 21 February 2018. It applies on top of the general property transfer tax in five specified areas: the Metro Vancouver, Capital, Fraser Valley, Nanaimo and Central Okanagan regional districts. It catches foreign nationals, foreign corporations and taxable trustees. Tsawwassen First Nation treaty lands are excluded.

All of it. No threshold lets cash go unreported: tips, side jobs, weekend work and cash sales are income the moment you earn them, and the CRA can reassess unreported amounts with penalties and interest. Keep a log of dates, amounts and payers, and deposit takings so records reconcile. Self-employed cash earnings go on Form T2125 with your T1 return; cash tips earned as an employee are employment income, not business income, and belong on the other-employment-income line of the T1 instead.

Students cannot deduct residence fees or apartment rent from income, and rent earns no federal credit. What a student can claim is tuition, the interest paid on an eligible government student loan, and moving costs in some situations. Where the province pays a rent-based benefit, Ontario and Manitoba among them, the rent goes on that provincial schedule instead. Filing a return with little or no income still preserves unused tuition amounts and keeps benefit payments flowing.