Your Frequently Asked Tax Questions Answered by Our Tax Specials
If you have tax questions, we have the answers! Below we’ve compiled a list of common questions our tax advisors answer. After reading through our FAQs, if you still have questions give us a call at (306) 241-6097 or fill out our contact form to schedule an appointment with one of our tax advisors.
General Questions
Online filing starts from February 19 and the general deadline for filing personal income taxes is April 30. If you're self-employed, you have until June 15, but any taxes owed must still be paid by April 30.
A tax deduction reduces your taxable income (e.g., RRSP contributions), while a tax credit directly reduces the amount of tax you owe (e.g., the basic personal amount).
If you owe taxes and file late, you’ll face a 5% penalty on the balance owing plus 1% for each additional month, up to a maximum of 12 months.
Rental income must be reported on Form T776. You can also deduct expenses like property taxes, mortgage interest, repairs, and maintenance.
Yes, international students must file taxes if they have Canadian income, including earnings from part-time work or scholarships. Depending on their income, they may be eligible for refunds or credits.
An NOA is a statement from the Canada Revenue Agency (CRA) that summarizes the results of your tax return and indicates any refunds, balances owed, or carryforward amounts.
Tax refunds are automatically processed when you file your return. If you're owed a refund, the Canada Revenue Agency (CRA) will issue it via direct deposit or a cheque, depending on your preference.
The CRA recommends keeping your tax records for at least six years in case of audit or review.
Tax Questions
Yes, it’s a good idea to file taxes even if you have no income. You may qualify for benefits and credits like the GST/HST credit or Canada Child Benefit.
Yes, if you use your vehicle for business or employment purposes, you can deduct related expenses, such as gas, maintenance, and insurance, based on the percentage of business use.
Yes, all income earned from a delivery job (e.g., Uber Eats, DoorDash, SkipTheDishes, Amazon Flex) must be reported as income to the CRA, even if you don’t receive a T4 slip. This is typically considered self-employment income.
Yes, if you moved at least 40 kilometers closer to a new job, school, or business location, you may claim eligible moving expenses.
Yes, you can claim home office expenses using the temporary flat rate method or the detailed method (with receipts and employer certification).
No, inheritance and gifts are not taxed in Canada, but income earned from them (e.g., interest or investment income) is taxable.
Yes, in Ontario, you can include your rent payments when applying for the Ontario Trillium Benefit (OTB), which includes the Ontario Energy and Property Tax Credit (OEPTC). This credit helps low- to moderate-income individuals and families with property tax and rent costs.
Yes, unused credits such as tuition, disability amounts, or pension income amounts can be transferred to a spouse/common-law partner under certain conditions.
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