What is the tax filing due date?

  • For individuals – on or before April 30 of the next year
  • For self employed – on or before June 15 of the next year
  • For corporations – within 6 months after the end of the taxation year
  • For trusts – within 90 days after year end
  • For deceased individuals – later of 6 months after death and the normal due date

If I did not file my tax return on due date, what will happen?

  • It is your responsibility to file your tax return within due date. If you miss the due date, you may face several problems. For example, your child tax, GST/HST or trillium benefits may be stopped.
  • However, you can file your tax returns even after due date.
  • If you are not balance owing, you are not penalized.
  • We can help you to file your previous tax returns up to 10 years.

If I am balance owing, what will happen?

  • Penalty is 5% of the tax unpaid at the date on which the return was due to be filed.
  • In addition, a further penalty of 1% of the unpaid tax is levied for each complete month for up to 12 months.
  • A higher penalty equals 10% of unpaid tax plus 2% per month, for up to 20 months.

What services do Kennedy Tax & Accounting offer?

Kennedy Tax & Accounting (KTA) Inc. provides:

  • E-file
  • Personal tax returns
  • Self-employed tax returns
  • Corporate tax returns
  • GST/PST/HST returns
  • Bookkeeping, accounting & payroll services.
  • Business consultancy
  • Business registration and
  • Complete accounting services for small businesses.

What makes Kennedy Tax & Accounting Inc. different from others?

Kennedy Tax & Accounting (KTA) Inc. goes extra miles for our clients. Our values are:

  • Open year round
  • Guaranteed accuracy and confidentiality
  • Reasonable prices
  • Qualified professionals
  • Maximum refunds
  • Customer satisfactions
  • Business ethics is our symbol of trust
  • Free tax & accounting consultancy

What documents do I need to file my tax return?

You need to keep the following documents (if applicable):

  • All T4, T4A, T4E, T4RSP, T5007, RC-62, T3, T5 and other income slips.
  • Rental / property tax receipt
  • TTC passes / donations / Medical exp. / child care exp. / children’s fitness and arts receipts / RRSP (contribution / withdraw against HBP) / interest paid for student loan.
  • For seniors: T4A (P), T4 (OAS), T4 RSP, T4 RIF, T4 A, T3, T5
  • For students: Tuition, education receipt (T-2202 A), T4A
  • For rental income: Rental income & all home related expenses
  • For self-employed / corporation: Bank statements, all income and expenses slips
  • Your last year notice of assessment / reassessment.

How to adjust my prior year’s mistakes?

In this scenario, you cannot do your tax file again of that year(s). You have to do your T-1 adjustment, and send it to CRA by post.

What documents do I require for tax filing if I am a self-employed?

For a self-employed tax return, you need to keep all the bank statements, your income slips, and all the invoices (expenses receipts) related to business. When you have a car and you are using it for your business, you have to preserve fuel, repairs and maintenance, lease payments (if applicable), and other vehicle related expenses.

I have a house and rental income, what documents do I need to keep for my tax return?

If you do not have any rental income, you need to keep the property tax receipt for tax purpose. When you have rental income, you require to preserve all of your house related expenses receipts or documents, such as, home insurance, interest paid for mortgage, legal fees, management and administration fees (applicable for condo), maintenance and repair, property tax and utility (hydro, water, gas etc.) bills.

What can happen if I don’t submit my corporate tax returns or pay taxes?

It is your responsibility to submit your tax return and pay taxes (if applicable) within due date. If your corporation is tax owing and does not pay the balance owing, CRA may freeze your bank account, garnish your receivables, and even can put a lien on your property. They can also put you on a trial through the courts.

After filing my tax return, can I get help from KTA if I am audited by CRA?

Yes, we are always with you once you are our client. We will handle any and all questions from CRA and will explain how we prepared your tax return.

Testimonials

ibqslogo-with-surrounding

President & CEO, IBQS Inc.

We thought about incorporate our business, but we don't know how! Mr. Manoranjan explained every steps on how to start the processes. With his guidance and instruction, our company is now live. Thanks to Kennedy Accounting and specially Ranjan.

Integrated Business Quality Solutions (IBQS) Inc.

4.0
2014-11-10T18:26:07+00:00

Integrated Business Quality Solutions (IBQS) Inc.

ibqslogo-with-surrounding
We thought about incorporate our business, but we don’t know how! Mr. Manoranjan explained every steps on how to start the processes. With his guidance and instruction, our company is now live. Thanks to Kennedy Accounting and specially Ranjan.
MonjurulHasan

Hasan & Family

What we really appreciate is the personal service we get from Manoronjan Talukder and his team. They are always available and approachable. Between them they always deal directly with my problems.

Surovi & Hasan

5.0
2014-11-10T18:17:59+00:00

Surovi & Hasan

MonjurulHasan
What we really appreciate is the personal service we get from Manoronjan Talukder and his team. They are always available and approachable. Between them they always deal directly with my problems.

20/20 Vision Care

I have been receiving year round tax and accounting services from 'Kennedy Tax & Accounting Inc.' for the last few years. They are professional, friendly, and committed to customer’s satisfaction. I trust them as they ensure quality services. I feel proud being a corporate client. – Alam Mohammed Kazi, Director, 20/20 Vision Care, Toronto, Ontario.

Alam Mohammed Kazi

5.0
2014-10-31T18:25:54+00:00

Alam Mohammed Kazi

I have been receiving year round tax and accounting services from ‘Kennedy Tax & Accounting Inc.’ for the last few years. They are professional, friendly, and committed to customer’s satisfaction. I trust them as they ensure quality services. I feel proud being a corporate client. – Alam Mohammed Kazi, Director, 20/20 Vision Care, Toronto, Ontario.

Rhoden Wilbert

I feel proud being a client of 'Kennedy Tax & Accounting Inc.' because it has been taking care of my personal income taxes for the last few years, ensuring my benefits, and providing me assistance in audit and queries related to Canada Revenue Agency. – Rhoden Wilbert , Toronto, Ontario.

Rhoden Wilbert

5.0
2014-09-30T09:09:22+00:00

Rhoden Wilbert

I feel proud being a client of ‘Kennedy Tax & Accounting Inc.’ because it has been taking care of my personal income taxes for the last few years, ensuring my benefits, and providing me assistance in audit and queries related to Canada Revenue Agency. – Rhoden Wilbert , Toronto, Ontario.

Customized Picture Framing Ltd

As a corporate client of 'Kennedy Tax & Accounting Inc.' (KTA), I have no concerns about my corporate tax, payroll, HST returns, and bookkeeping. All of my financial transactions are being taken care of by them. I have been getting CRA audit assistance when required. I only spend time to grow my business. I am worry free about my accounting because of KTA. – Nurhan Dulueryan, Director, Customized Picture Framing Ltd, Scarborough, Ontario.

Nurhan Dulueryan, Director

5.0
2014-09-29T05:44:35+00:00

Nurhan Dulueryan, Director

As a corporate client of ‘Kennedy Tax & Accounting Inc.’ (KTA), I have no concerns about my corporate tax, payroll, HST returns, and bookkeeping. All of my financial transactions are being taken care of by them. I have been getting CRA audit assistance when required. I only spend time to grow my business. I am View Full →
4.0
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