FAQs
Q: Who has to report Foreign income Verification Statement?
A: Canadian resident individuals, corporations, and certain trusts that, at any time during the year, own specified foreign property costing more than $100,000; and Certain partnerships that hold more than $100,000 of specified foreign property.
Q: What kind expense can be used to deducted Income tax?
A: Any operation expense is use for company, such as, rent, utility, gas, meal, travel, and advertising, etc.
Q: When need to apply WSIB (Workplace safety and insurance)?
A: For the first time hired a employ and must within 10 day ago.
Q: What are the important precautions during the period of Non-Resident application?
A: Do not frequently travel back and forth between Canada and foreign country, and do not apply for 10 years VISA. Otherwise, CRA will deem your social ties are in Canada, you are not qualified to apply.
Q: I owned a rental property, can I chose not report to CRA?
A: According to Canadian Income tax act, non-resident of Canada must file income tax return for their Canadian source of income. If you fail to report rental income to CRA, you will have troubles when selling that property in terms of not getting the certificate of compliance, and required to remit all past dues and interests.
Q: What is the due date for Non-Resident file income tax return?
A: The due date is same as resident of Canada, which is April 30.
Q: Why would I need an Individual tax number (ITN), is can be used permanently?
A: Since non-resident cannot apply for Social Insurance Number (SIN), but they have to file income tax return, so CRA issued an Individual tax number (ITN) to file income tax return.
Q: What are the advantage and disadvantage of non-resident?
A: Advantage for non-resident is that they only required filing income tax return for the Canadian source of income, not including foreign source of income. Disadvantage is that the tax rate is higher than the resident, and non-resident have to remit withholding taxes to CRA.
Q: Do I need to register for a GST/HST account?
A: You exceed the $30,000 threshold amount in four consecutive calendar quarters; you may choose to do so voluntarily if you provide taxable supplies in Canada. You cannot register for a GST/HST account if you only provide exempt goods and services.
Q: What to do after you register for the GST/HST?
A: You must charge the GST/HST on sales, and you can also claim the ITCs on expenses. You need to file a GST/HST return and remit/pay the GST/HST..
Q: What are the GST/HST, and Corporation payment and filing deadlines?
A: Filing period: Monthly- One month after the end of the reporting period / Quarterly- One month after the end of the reporting period / Annually- Three months after fiscal year-end
Q: If my corporation doesn’t have any corporation income tax payable, do I need to file a corporation income tax (T2) return?
A: Yes. All resident corporations including non-profit organizations, tax-exempt corporations, and inactive corporations.
Q: When is your individual tax return due?
A: For personal tax return, all the residents for tax purposes have to fill out their return and send it to the Canada Revenue Agency no later than April 30 each year.
For Self-employed individuals, you have to send in your tax return no later than June 15 each year.
For Self-employed individuals, you have to send in your tax return no later than June 15 each year.