Why SAV Associates

We regularly help growing businesses simplify their accounting needs and reduce tax liability in the Toronto and surrounding GTA (Greater Toronto Areas). Your taxation needs are handled by experienced professionals, we work with you to minimize your tax bill and maintain adequate audit-proof for your tax filing. From the self employed entrepreneurs to the privately held corporation, we work with you year-round to help you meet your business goals, increase cash flow and maintain tax compliance.

Tax Preparation, Planning and Compliance

If you have been recently assessed, re-assessed or are filing taxes late, we can help you with your current issue and constraints and help you become compliant. We deal with a range of tax issues and can provide you with personalized tax solutions. Do not settle for less. Have your personal and business tax returns prepared by professionals at SAV Associates Professional Corporation.

Tax Notices from CRA

We specialize in dealing with CRA and can help you in dealing with the inspectors.

Important Tax Deadlines

28-Feb
Filing deadline – T4,T4A, T5 slips and summary information returns
Payment deadline – final corporate tax balance due for non-CCPCs with calendar year-ends

1-Mar
RRSP contributions deadline

15-Mar
Payment deadline – First quarter personal tax installment due

31-Mar
Filing deadline – partnership annual information return (T5013)
Filing deadline – trusts having a calendar year-end (T3)
Payment deadline – final corporate tax balance due for CCPCs with calendar year-ends
Filing deadline – HST/GST annual return for other than self-employed
Filing deadline – Non-Resident Tax Withholding, Remitting, and Reporting (NR4) return

30-Apr
Filing deadline – Canadian personal income tax return (other than self-employed)
Filing deadline – S.216 non-resident income tax return (without approved NR6)
Payment deadline – final tax balance due for individual and self-employed
Payment deadline – HST/GST balance due for individual and self-employed

15-Jun
Second quarter personal tax installment due
Filing deadline – Canadian personal income tax return (self-employed)
Filing deadline – HST/GST annual return for self-employed

30-Jun
Filing deadline – Corporate income tax returns for calendar year-end corporations

15-Sep
Third quarter personal tax installment due

15-Dec
Fourth quarter personal tax installment due

Penalty and Interest

Late T1, T2, T3 income tax return filings
Penalty – 5% of unpaid tax plus 1% of unpaid tax for each complete month to a maximum of 12 months

Late HST return filings
Penalty – 1% of any unpaid tax plus 0.25% for each complete month the return is outstanding, to a maximum of 12 months (total penalty maxes at 4%)

Late HST and income tax payments
Interest – T-Bill rate plus 4%

Late T3, T4, T5, NR4 & T5018 information return filings
Penalty – greater of $100 or $10-$75/day times the number of days (to a maximum of 100 days)

Late T5013 information return filings
Penalty – $25/day to a maximum of $2500
Note – Tax laws are subject to change and this website may not have the latest information. Prior to making any decisions please feel free to contact us or visit CRA website for latest information.

List of Taxation Related Services

  • General Accounting and Tax services
  • Year-round Income tax planning and consulting
  • Income tax returns for individuals – T1
    (General – Income Tax and Benefit Return)
  • Personal tax minimization strategies and filing
  • Tax planning for Independent Contractors
    (individual / incorporated)
  • PSB – Personal Service Business
  • E-filing of tax returns for individuals
  • Representation before tax authorities
  • Non-resident taxation
  • US Income taxes for Canadians
  • Final tax returns for deceased taxpayers
  • Personal financial planning
  • Estate planning
  • Estate/Trust tax planning and compliance-
    T3 (Trust Income Tax and Information Return)
  • HST Rental Rebate
  • Business tax Preparation –
    T2 (Corporate Income Tax Return)
  • Year-round Income tax returns for self-employed
  • Corporate income tax preparation and planning
  • Year-round E-filing of tax returns for corporations
  • Representation before tax authorities
  • Assistance with Canada Revenue Agency (CRA)
    audits and investigations
  • Foreign reporting
  • SR & ED consultation and filing
  • Voluntary Disclosures
  • Succession and Retirement Planning
  • Corporate Reorganizations
  • GST/HST, WSIB and Payroll returns

Useful Resource

The Canada Revenue Agency (CRA) offers a number of videos and recorded webinars that present information about CRA programs and initiatives.

To view these videos and recorded webinars in your Web browser, you may need to install Adobe Flash Player, which you can download free of charge.

To hear the audio, you need a sound card with speakers or headphones, as well as a Web browser that can play sound.

CRA Videos and Webinars
Tax Guides