We know you have questions…and we also know you likely don’t have the time to search for the answers. We’ve taken the time to research some of the most frequently asked questions and provide them to you here—to save you time and frustration!

Personal Tax

Q: What is a Registered Retirement Savings Plan (RRSP)?

A: A Registered Retirement Savings Plan ("RRSP") is a government sanctioned tax shelter, or tax deferral mechanism. The RRSP allows Canadian individual taxpayers to deduct, from income subject to tax, specified amounts contributed to the plan.

Q: What are the benefits of a RRSP?

A: There are two separate benefits to an RRSP; first, the current tax savings resulting from the deduction of contributions; and second, the tax-free earnings on money while in the plan.

Q: How can I find out my RRSP contribution limit?

A: Your RRSP deduction limit can be found on the “RRSP Deduction Limit” statement which appears on your latest Notice of (Re)Assessment. You can also find out your limit by contacting the Canada Revenue Agency at 1-800-959-8281 or by accessing your “My Account on CRA’s website at www.cra-arc.gc.ca.

Q: Can I transfer charitable donations to my spouse?

A: The Canada Revenue Agency allows taxpayers and their spouses to transfer charitable donation claims between each other as they wish.

Q: Are my home office expenses deductible?

A: Home office expenses are deductible if your home office is used exclusively to earn income and your home office is your principal place of business more than 50% of the time.

Q: Can I claim my medical expenses?

A: In general, medical expenses made for yourself or your spouse or any dependent can be claimed if they exceed 3% of your net income, or a predetermined amount, whichever is less.

Q: Can I claim my medical/dental insurance premiums?

A: Contributions made by an employee as a premium to a private health services plan qualify as a medical expense.

Q: Are my vehicle expenses deductible?

A: Vehicle expenses may be claimed primarily as a deduction from self-employment income or as an employment expense by taxpayers meeting certain criteria. These are the most common instances, although there are others, such as certain medical or moving claims.

Q: What is the “Home Buyers Plan” (HBP)?

A: The HBP allows an individual to withdraw up to $20,000 from his/her respective RRSP to purchase a principal residence in Canada.

Q: Who do I contact about my personal tax return?

A: T1—Personal Income Tax Return
Canada Revenue Agency
Tax Centre
P.O. Box 4000, Stn Main
Shawinigan, QC G9N 7V9
1-800-959-8281 (English)
1-800-959-7383 (French)

TP1—Québec Personal Income Tax Return

By mail
Revenu Québec
3800, rue de Marly
Québec (Québec) G1X 4A5

At office
Revenu Québec
170, rue de l’Hotel-de-Ville, 6e etage
Gatineau (Québec)

Q: For how many years should I keep my personal tax returns and receipts?

A: Generally, according to the Income Tax Act, books, records and their related accounts and source documents have to be kept for a minimum of six years from the end of the last tax year to which they relate (calendar year individual taxpayers).

Q: When do I have to file my personal tax return?

A: Generally, the balance of taxes due and filing of personal income tax returns is April 30th for all individuals, other than self-employed individuals (including their spouse or common-law partner) who are eligible to file by June 15th.

Corporate Tax

Q: What is the filing deadline for the corporation’s income tax return?

A: Corporate income tax returns are due within six months of the company’s year end, after which late filing penalties are charged.

Q: When are the corporation’s income tax payments due?

A: Canadian-controlled companies earning business or professional income are required to pay their federal and Ontario income taxes by the third month following their year end, after which interest is charged. For all other companies, income taxes are due by the second month following year end, after which interest is charged.

Q: Who should I contact about my federal Corporate Income Tax Return?

A: Where to call regarding your corporate tax return depends on where the corporation is located. If your corporation is located in the Ottawa area, call 1-800-959-5525—Shawinigan Customer Service Centre.

Q: Who should I contact about my provincial Corporate Income Tax Return?


CT23—Provincial Corporate Income Tax Return

Ministry of Revenue Tax Office
Corporations Tax Branch
33 King Street West
Oshawa, Ontario L1H 8H5

Ministry of Revenue Tax Office
Corporations Tax Branch
300-1400 Blair Place
Ottawa, Ontario K1J 9B8
1-800-263-7965 (English)
1-800-668-5821 (French)
1-613-746-9200 (Ottawa)

C0-17—Québec Corporate Income Tax Return

By mail
Revenu Québec
Complexe Desjardins
C.P. 3000, succursale Desjardins
Montréal (Québec) H5B 1A4

At office
Revenu Québec
170, rue de l’Hotel-de-Ville, 6e etage
Gatineau (Québec)

Financial Reporting

Q: What is a good accounting software package for my small business?

A: For small businesses, the most commonly used accounting packages are QuickBooks and Simply Accounting. For more information, visit:
QuickBooks (www.quickbooks.intuit.ca)
Sage 50 (www.sage.com)