Return Preparation

Return Preparation


Tax Returns & Financial Statements
At Tradelink, we prepare income tax returns for individuals and corporations. T1 General Income Tax and Benefit Return is prepared for individuals and sole proprietors and T2 Corporate Tax Return and financial statements prepared for corporations. Due to the following reasons most people needs to file income tax return in each year to prevent late filing penalties and interests. All resident corporations, except registered charities, have to file a corporation income tax (T2) return every tax year even if there is no tax payable. This includes:

  • non-profit organizations;
  • tax-exempt corporations; and
  • inactive corporations.
  • Non-resident corporations have to file a T2 return in certain situations
Individuals and sole proprietors must file a return if any of the following situations apply:
  • You have to pay tax for the income incurred during the year.
  • CRA sent you a request to file a return.
  • You and your spouse or common-law partner elected to split pension income.
  • You disposed of capital property in the year(for example, if you sold real estate or shares) or you realized a taxable capital gain (for example, if a mutual fund or trust attributed amounts to you, or you are reporting a capital gains reserve you claimed on your previous year's return).
  • You have to repay any of your Old Age Security or Employment Insurance benefits.
  • You have not repaid all amounts withdrawn from your registered retirement savings plan (RRSP) under the Home Buyers' Plan or the Lifelong Learning Plan.
  • You have to contribute to the Canada Pension Plan (CPP). This can apply if, the total of your net self-employment income and pensionable employment income is more than $3,500.
  • Even if none of these requirements apply, you may still want to file a return if any of the following situations apply:
  • You want to claim a refund.
  • You want to apply for the GST/HST credit (including any related provincial credit). For example, you may be eligible if you turn 19 before April 2011.
  • You or your spouse or common-law partner want to begin or continue receiving Canada Child Tax Benefit payments.
  • You have incurred a non-capital loss in the current year that you want to be able to apply in other years.
  • You want to carry forward or transfer the unused part of your tuition, education, and textbook amounts.
  • You want to report income for which you could contribute to an RRSP in order to keep your RRSP deduction limit for future years up to date.
  • You want to carry forward the unused investment tax credit on expenditures you incurred during the current year.
  • You receive the Guaranteed Income Supplement or Allowance benefits under the Old Age Security Program. You can usually renew your benefit simply by filing your return by April 30.

 

 


 

Latest News & Articles

July 1, 2010

The provinces of Ontario and British Columbia joined the harmonized sales tax (HST) framework. The HST combines the federal goods and services tax (GST) with the provincial sales tax (PST) in those provinces and is administered by the Canada Revenue Agency. The HST is now in effect in Ontario.



Read more
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Our associates are a group of former Canada Revenue Agency tax auditors and accountants who have years of accounting and tax experience. We understand the importance of bookkeeping.
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