Expert Tax Accountants in Fredericton

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.

Medical costs give a non-refundable credit rather than a deduction. Eligible items include prescription drugs, dental work, eyeglasses and contact lenses, fees paid to medical practitioners authorised to practise, private health plan premiums, attendant care and travel for treatment unavailable locally. Over-the-counter products and most cosmetic procedures do not qualify. Only the portion above an income-based threshold counts, the claim period may end at any point in the tax year rather than following the calendar year, and pooling the family claim on one spouse usually helps.

A tax rebate usually means the refund on your T1, and for a 2025 return the CRA aims to issue it in about two weeks when you file online. A paper filing runs on a considerably longer standard. Rebates claimed on a separate application, such as a GST/HST rebate for a new home, take longer still because they are handled manually and are often reviewed. Filing online with direct deposit gives the shortest wait.

Yes, in substance. The GST is a value-added tax: registrants charge 5% on taxable sales and recover the GST/HST paid on business inputs, so tax lands only on the value added at each stage. In participating provinces it is blended into the HST, at 13% in Ontario, 14% in Nova Scotia since 1 April 2025, and 15% in New Brunswick, Newfoundland and Labrador and Prince Edward Island. Quebec runs its own QST of 9.975% alongside the 5% GST.

You can file a Canadian personal return at no cost using CRA-certified free tax software, which sends the return through NETFILE. Volunteer clinics run by community organisations also prepare simple returns free of charge for people with modest income. Paper filing costs only postage. Free software suits straightforward employment and pension income; self-employment, rental or foreign property usually needs a preparer. CRA online filing for 2025 returns opened 23 February 2026 and closes 29 January 2027.

A refund is issued once your return is assessed, which is about two weeks for an online return; a non-resident return can take up to 16 weeks. Refunds arise because payroll withholding, instalments and refundable credits often add up to more than the tax you actually owe after deductions and credits. Register direct deposit in CRA My Account for the quickest payment, and remember the CRA can hold or apply a refund against other amounts you owe.

Rental income is taxed on a net basis, so the costs of earning it come off first: mortgage interest (not principal), property tax, insurance, utilities you pay, repairs, condo fees, advertising, and property management. Capital cost allowance on the building is optional and can reduce income further, though it is recaptured on sale. A genuine rental loss can offset other income. When you sell, only one-half of a capital gain is taxable for 2025 and 2026.

There is no set percentage. A refund is simply the difference between the tax withheld from your pay or paid in instalments and the tax your return actually calculates, so someone over-withheld with large RRSP contributions gets a lot back while someone with side income owes. Your notice of assessment shows the arithmetic. Online returns for the 2025 tax year are generally processed in about two weeks; a non-resident return can take up to sixteen.

Most people pay through online banking by adding the CRA as a payee, then choosing the account the money is for, such as personal income tax, GST/HST or payroll, and the exact year or period. You can also pay from CRA My Account or My Business Account, set up pre-authorised debit, or use a third-party card provider. Always apply a payment to the right period, otherwise it sits unallocated and interest keeps running.

New Brunswick is a harmonised province, so a single HST replaces separate federal and provincial sales taxes on most purchases and is charged at the point of supply. On income you pay federal tax plus New Brunswick provincial tax on the same T1 return, using provincial brackets and credits. Property owners receive a provincial and municipal property tax bill. Confirm the current HST rate on the CRA site before charging it or claiming input tax credits.

Yes. EI benefits stack on top of any other income for the year, so they can shrink a refund or create a balance owing, because the tax Service Canada withholds is usually less than the rate that applies once the benefits sit above your employment income. Benefits also count in the net income that income-tested credits and benefits are based on. Where the T4E shows a benefit repayment rate, part of the regular benefits must be paid back.

File the return on time regardless. The late-filing penalty is charged for filing late, not for paying late, so filing protects you even when you can send nothing with it. Then contact the CRA to set up a payment arrangement based on what you can genuinely afford; interest continues to accrue, but collection action generally holds while you keep to the schedule. Form RC4288 asks for relief from penalties and interest where circumstances beyond your control caused the delay.