Taxation

Why SAV Associates

We regularly help growing businesses simplify their accounting needs by offering them tax services and reducing tax liability in Toronto and the surrounding GTA (Greater Toronto Areas). Your taxation needs are handled by experienced professionals, we work with you as your tax consultant (tax advisor) to minimize your tax bill and maintain adequate audit proof for your tax filing. From the self-employed entrepreneurs to the privately held corporation i.e. to be your small business tax accountant to the corporate tax accountant, 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.

Being Audited? or Tax Notices from CRA

Talk to Us

We provide Taxation services to individuals and businesses.

If you have received any correspondence from the CRA and are not sure about handling it, please contact us. You do not have to be our existing client to seek our help. Our team members are here to help you handle the enquiries from the CRA.

SAV Associates has extensive experience in tax filing, compliance and audit procedures in the following areas of taxation

• Corporate tax
• Personal tax
• Harmonized Sales Tax (HST) 

In case you are new to taxation and are looking for some preliminary information regarding taxes, we have compiled a list of some important tax deadlines, penalties and interest rates that you might find useful.

We specialize in dealing with CRA and can help you in dealing with 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 instalment due

15-Dec

Fourth quarter personal tax instalment 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.