Client Tax FAQ: Benefits, Filing Dates, Payments, and Deductions

Money Help and Cheques

1. When will I get my government money? 

These payments come on set dates every year:

• GST Credit → January, April, July, October

• Carbon Rebate (CAI) → January, April, July, October

• Ontario Trillium Benefit (OTB) → Monthly (or one lump sum in July)

 If you:

• Filed late

• Owe CRA money

• Changed address or bank info → Your payment can be delayed

2. Why is my child benefit money less this year? 

   our CCB can go down if:

• You made more income last year

• You got married

• You moved in with a partner

• Your child turned 6

• Your child moved out

CCB is based on last year’s income

3. Will I still get my provincial money (like the Ontario Trillium Benefit) if I moved to a new province?

If you moved to another province, your old province money stops

Your new province money starts later

 You must:

• Update your address with CRA

• Wait for the new province to reassess you

There is often a gap of a few months

4. What day do I have to file my taxes by? 

 If you are a regular worker (T4 job):You must file by APRIL 30

 If you are self-employed (own a business or side hustle):You must file by JUNE 15

 BUT if you owe money, you still must pay by APRIL 30 Even if you file in June.

What happens if you file late?

• You pay late fees

• You pay interest

• CRA can freeze benefits

5. Which papers do I need to sign before you file my return? 

You must sign:

• T183 form (gives permission to file your taxes)

Without this form, we CANNOT submit your return

6. What if I don't have all my income or bill papers yet?

You have 3 choices:

1. Wait until you get everything (best choice)

2. File now and fix it later (by adjustment)

3.  Guess numbers (NOT recommended)

Missing slips can cause:

• CRA audits

• Repayments

• Penalties

Paying and What I Owe

• How do I pay the money I owe to the government? 

You can pay using:

•  Online banking

  • Add payee: CRA Personal Tax

  • Use your SIN number

• CRA payment website

•  At your bank teller

 If you don’t pay:

• Interest starts

• CRA can freeze accounts

• How do I pay your fee for doing my taxes? 

You can usually pay by:

• E-transfer

• Cash

•  Debit

(We will give you the correct payment info.)

Business and Deductions

How much money can my business make before I have to pay taxes on it?

             There is NO minimum             

The moment your business makes profit, you pay tax.

Example:

• Business income: $50,000

• Expenses: $20,000

• Profit: $30,000

•  You pay tax on $30,000

Working from home – Can I take money out?

You do NOT take money out for working from home. Instead, you claim part of your home costs on your taxes to pay less tax.

You can claim part of:

• Rent or mortgage interest

• Heat, hydro, water

• Internet

• Home insurance

 You only claim the business part, not the full house.

Buying a house – Can I take money out?

Yes — but ONLY from your RRSP, using the Home Buyers' Plan (HBP).

You can take:

• Up to $35,000

• Tax-free now

But:

• You must pay it back over 15 years

• If you don’t pay it back → it becomes taxable

You must be a first-time home buyer