Expert Tax Accountants in Yellowknife

If you owe nothing, no penalty applies, but a refund and benefit payments such as the Canada child benefit and the GST/HST credit are held up until the return is processed. If you owe, a late-filing penalty is charged and interest runs on the balance and compounds daily from the day after the due date. For the 2025 tax year the deadline was 30 April 2026. File even if you cannot pay, because the penalty is driven by filing, not payment.

Sign in to CRA My Account and open the tax returns section, which lists your assessed returns, notices of assessment and reassessment, and carry-forward amounts for earlier years. You can also download a proof of income statement, request a copy by phone, or ask whoever prepared the return for you. Keep your own copy and the supporting records for six years from the end of the tax year they relate to.

EI benefits are taxable income. Service Canada withholds income tax before each payment reaches you, and the total benefits plus the tax withheld appear on your T4E for the year. That withholding follows a basic calculation rather than your full marginal rate, so people who also worked during the year often end up with a balance owing at filing. Asking Service Canada to withhold more, or setting money aside yourself, avoids a surprise. Higher-income claimants can also have to repay part of their regular benefits through the return.

Canada uses a progressive system, so only the income falling inside a bracket is taxed at that bracket's rate. Moving into a higher bracket never raises the tax on the income below it. You face a federal set of brackets plus a provincial or territorial set, and both are indexed most years. Credits, starting with the basic personal amount, then reduce the calculated tax. Look up the brackets for the specific tax year before planning around them.

An exempt supply is a sale that GST/HST does not apply to at all, and the supplier cannot claim input tax credits on the costs of making it. Typical examples are long-term residential rent, most financial services including interest and insurance, many health and dental services, child care, and most services provided by public sector bodies. Exempt sales also stay outside the $30,000 small-supplier threshold test, which for 2026 counts taxable revenue only.

Call the benefit enquiries line, but check My Account first: it shows your payment dates and amounts, and any letter asking you to prove marital status, residency or who the child lives with. Most stopped or reduced payments trace back to an unfiled return, because entitlement is recalculated every July from both partners' returns for the previous year. File the missing return and payments generally restart, with back payments where you still qualify.

Yes, where you owe. The late-filing penalty is 5% of the unpaid balance plus 1% for each full month the return is late, up to 12 months. It rises to 10% plus 2% a month, to 20 months, only where the CRA formally demanded the return and charged you a late-filing penalty in one of the three preceding years. Compound daily interest runs on the balance as well. With nothing owing, there is no penalty.

You need your social insurance number and current address, every income slip you received such as T4, T4A, T5 and T3, and your revenue and expense records if you are self-employed. Add support for deductions and credits: RRSP contributions, tuition, medical expenses, childcare, donations, moving costs and any provincial credit you claim. Bring last year's notice of assessment and your direct deposit details. Most slips can be pulled straight from your CRA account into tax software approved by the CRA.

Claim everything you are entitled to, and file on time so nothing is clawed back by penalties. Gather every slip, then look at RRSP contributions, childcare and moving costs, medical expenses, tuition, donations, employment or home office expenses and the disability amount. Couples should pool medical and donation claims on one return and split eligible pension income. Carry unused amounts forward instead of losing them, and adjust an earlier return if you missed something.

A contribution counts for a tax year if it is made during that year or in the first 60 days of the next one. For the 2025 tax year the deadline was 2 March 2026, because the 60th day fell on a Sunday; for the 2026 tax year the 60th day is 1 March 2027. You can contribute to your own RRSP until 31 December of the year you turn 71.

Yes. The GST/HST credit is based on family net income, and a nil or very low income generally means the largest payment, not none. You must file a return to get it: the CRA cannot assess entitlement without one, and it is recalculated each July from the prior year's return. There are also age and family conditions to meet. Amounts and income thresholds are set out on the CRA's GST/HST credit page.

Only when your lender agreed to collect them. Many mortgages include a tax portion in the payment, which the lender holds and remits to the municipality on your behalf; otherwise you pay the city directly. Check your mortgage statement or annual summary to confirm which arrangement you have, because assuming the lender pays is a common cause of arrears. Lenders often require the arrangement on high-ratio mortgages and may add a fee or adjust the amount collected.