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Accounting FAQ

Important Accounting Questions and Answers

What are the requirements to the documents if I work as a self-employed?

You are required by law to keep records of all your transactions to support your income and expense claims. Keep a record of your daily income and expenses... Continue reading...

How I can determine what expenses I claim and what I don’t?

According to the Income Tax Act expense is deductible for tax purposes if it is: Deductible using Generally Accepted Accounting Principles, Not a capital expenditure, Incurred to earn taxable income... Continue reading...

Do I need to register for the GST (Goods and Services Tax)?

If your worldwide gross revenue from your GST/HST taxable sales, including those taxed at 0% (zero-rated) and those of all your associates, is more than $30,000 in a single calendar quarter... Continue reading...

Do I need to register for the PST (Provincial Sales Tax)?

You need to register to collect PST if you sell or lease taxable goods, or provide software or taxable services in the ordinary course of... Continue reading...

As a self-employed individual do I need to pay installment payments?

You have to pay your income tax by installments for the current year if your net tax owing is more than... Continue reading...

What are the important accounting dates in my calendar?

April 30 — Pay any balance owing for the previous year by this date. Also, file your income tax return if the expenditures of the business are mainly the cost or the cost or the capital cost of tax shelter investments... Continue reading...

Can I use NETFLIE service, given that I haven't filed a tax return in a few years?

As long as you have once filled a tax return with the CRA in the past, you can still file it using NETFILE. If you have done it earlier, then the CRA should have your actual personal information on file. If you would like to submit tax returns for the past years as well, then you have to prepare them using prior-year tax software starting from the one released in 2014. Tax returns for the years preceding 2014 need to be submitted on paper.

Can someone try to NETFILE a second T1 return under my name?

Unfortunately, no. The NETFILE service accepts just one return per person. Each person has the right to submit only their personal information at a time.

How will the CRA know that I’m filing my T1 return and not someone else's?

The CRA carries out a series of validation activities to recognize if you submitted the right information, such as date of birth or Social insurance number and so on. In case of any errors or discrepancies with the CRA’s data base, the return processing will be stopped.

What are the chances of my tax return being reviewed if I use NETFILE?

The process and criteria for reviewing income tax returns on paper and electronic returns are absolutely the same. You need to keep your records, receipts and slips or any document for 6 years after filing your tax return, as they might be required by the CRA.

If I use a NETFILE-certified web application or tax preparation software package for my provincial or territorial tax return in addition to completing my federal tax return?

All territorial and provincial tax returns can be used with NETFLIE according to the official schedules. Exceptions apply for returns for Quebec.