Greetings! We are pleased to announce the addition of Karen McDougall to our team. Karen is a Chartered Accountant with a solid tax and accounting background and has experience in both public accounting and industry.
She will be helping clients with their tax, accounting and business advisory needs.
We are pleased Karen chose Doxsee & Co. and welcome her to the firm.
This monthly Newsletter provides business, financial planning and tax information to clients and friends of our firm. Any of the general information contained in this Newsletter should not be acted upon without first determining its application to your specific situation. Contact our office if you have any questions or concerns. Personal tax time is here! The 2011 Personal Tax Checklist and Engagement Letters have been sent out to all our clients. If you have not received your copy, please contact our office.
Please remember that we are unable to start work on your personal tax returns until we receive a signed Engagement Letter.
In order to guarantee completion of your return by the April 30th deadline, you must send us your tax information by no later than Monday, April 9th, 2012. As April 6th is Good Friday we have extended the deadline.
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CANADIAN PERSONAL INCOME TAX DEADLINE
APRIL 30, 2012
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FILE ON TIME TO AVOID PENALTIES - Most Canadian personal tax returns are due April 30. If you owe tax, and file after this date, there is an automatic 5% penalty. Additional interest is added for each month that you fail to file. Penalties and interest are non-deductible.
The penalty is assessed on amounts owing. If you owe nothing there is no penalty. If you cannot make the deadline, consider paying an estimated amount. The return can be filed later. Any amount that is paid automatically reduces the penalty.
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U.S. PERSONAL INCOME TAX
DEADLINES
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April 16
- U.S. tax returns due if there is U.S. employment income or taxpayer is resident in the U.S.
- Interest starts on U.S. personal taxes owing for 2011 taxation year.
June 15
- U.S. returns are due for U.S. taxpayers residing outside the U.S.
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DON'T TOSS THAT NOTICE OF ASSESSMENT
IT MAY COST YOU
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The tax department checks each and every return. Assessing the return is the first stage of the process. At this point, they are looking for basic things like obvious omissions or calculation errors. If they see something unusual they seek additional information or change the return without your input. Once the process is complete they issue a Notice of Assessment by mail. Re-assessments occur later when the tax department does additional checking or additional information surfaces.
The Notice of Assessment is a very important document. It is the official government view of your tax return at that point in time. The date on the Assessment determines the deadline for future appeals. If the tax department is wrong, and you don't object, the amount assessed is a collectible tax debt. They can utilize all legal means available to collect the amount owing. Look at each Assessment immediately upon receipt. Never toss a Notice of Assessment or Re-assessment. Assessments are sometimes difficult to comprehend.
Take a few minutes to check the bottom line - do you owe more or is your refund larger? If it agrees with your return, file the Assessment with your copy of the tax return. If it is different, try to determine what changed. If this proves challenging, contact our office and let us sort it out. Remember your appeal rights are lost if you fail to act within time periods specified in The Income Tax Act.
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| IMPORTANT UPCOMING DATES |
 March 31 - Due date for T3 Trust Income Tax Returns and Income Slips;
- Due date for T5013 Partnership Income Returns.
April 9 - Due date for clients to provide 2011 personal tax information to Doxsee & Co.
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