Tax Services Toronto | FAQ | What are the Canadian tax reporting requirements for an individual? An individual is required to report their annual worldwide income on a T1 - Individual Income Tax Return filed by April 30th of each year.

The TST offers tax services and help to businesses in Toronto, Ontario, Canada. Tax Services Toronto 2015

Our professionals specialize in ensuring all your deductions are utilised so you pay the minimum tax allowable. Whether your information is current or in arrears we can help. 

 

 
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FAQ

What are the Canadian tax reporting requirements for an individual?
An individual is required to report their annual worldwide income on a T1 - Individual Income Tax Return filed by April 30th of each year.


What are the Canadian tax reporting requirements for a sole-proprietorship (business)?

As a sole-proprietor operating your own business, the income you earn and expenses incurred are included on the T1 – Individual Income Tax Return on form T2125 – Statement of Business or Professional Activities. The due date to file for you and your spouse is June 15 of each year. However, any taxes owing must be paid by April 30th to avoid interest charges.


What are the tax reporting requirements for a corporation?

A corporation must file a T2 - Corporation Income Tax Return within 6 months of the corporation's taxation year-end. Tax balances for Canadian Controlled Private Companies (CCPC’s) are due 3 months after year end.


I am a U.S. citizen living in Canada as a permanent resident. Am I required to file a U.S. Tax Return?

Yes. All U.S. citizens (even those who are non-resident of U.S.) will be subject to U.S. Tax Filing each year. In addition, information returns related to your financial accounts may also need to be filed each year. 


I have not filed any information returns since leaving the U.S.. What can I do?

To meet your tax obligation with IRS, we are able to assist you in completing and submitting your information returns and U.S. tax returns. If you are eligible for the streamlined program, we can file your returns for the prior three years and information returns for the prior six years. 

 

 
Tax Services Toronto
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Toronto, ON
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Tax Services Toronto | FAQ | What are the Canadian tax reporting requirements for an individual? An individual is required to report their annual worldwide income on a T1 - Individual Income Tax Return filed by April 30th of each year.