TWIN TAX BY PINKNEY

Insights & News

Frequently Asked Questions (FAQ):

What are the key Tax Due Dates?

  • T3 Slips: Expected mailing by March 31st
  • T4 slips: Due date for employers and other payers to give you an information slip is February 28th
  • T5 slips: Expected mailing by February 28th
  • T5013 slips: Expected mailing by March 31st
  • NR4: Expected mailing by March 31st
  • RRSP Contribution first 60 days for following tax year: March 1 (non-leap year) and Feb. 29 (leap year) i.e., 2023 Tax return, a client can purchase RRSP contributions up to Feb.29, 2024.
  • RRSP Contribution Receipts: January to the end of March of following tax year
  • Self Employed: June 15th
  • Visit our Tax Services page for more information. 

Who is required to submit a tax return?

Tax Debt

If you have taxes owing to the CRA, they will expect you to file and may take action if you fail to do so. It's crucial to submit your tax return promptly if you owe taxes.

Withdrawals from an RRSP

When you take money as a withdrawal from your RRSP, it needs to be reported as income on your tax return.

CRA Request Letter

The CRA regularly sends letters to taxpayers requesting them to file tax returns if they have not done so.

Income subject to CPP

If you have income such as self-employment earnings even if you don't have taxes owing, you may have to pay into the CPP program.

Investments Sold

Whenever you sell investment property such as stocks, bonds, real estate or property.

Claimed a Reserve

There are situations where you can claim a reserve to spread tax out over a number of years.

Why is it advised to submit to a tax return?

Anticipating a refund

If you have paid taxes throughout the year and you are anticipating a refund.

Meet required benefit elgibility

Many other tax credits are triggered by filing a tax return such as GST/HST, Child Tax Benefit, GIS, etc.

You are elgible to claim a loss

While you might believe filing a return is unnecessary after a financial loss, it's important to note that losses can be carried forward

Entitled to refundable tax credits

You could be entitled to tax credits that the CRA will pay out only if you file a return.

Income for RRSP purposes

Start leveraging your RRSP room early even if you have tax or CPP to pay. Benefits you later on with tax deferral at anticipated lower tax bracket.

Education credits for students

Students often have no income but have education credits that they can carry forward or transfer.

What are the filing due dates for taxes?

Please note that tax filing deadlines adhere to a standard schedule, and there’s no provision for obtaining an extension unless the government universally extends deadlines for all taxpayers.

Individuals

Tax returns due April 30 Payments due April 30

Self-Employed

Tax returns due June 15 Spouses due June 15
Payments due April 30

Deceased Taxpayers

Tax returns due the later of: April 30 of year after death, or 6 months after date of death

Trusts

Estate Trust Return 90 days after the year end of the trust

Late Filing Penalties & Interest

It is not recommended to file your tax return late, even if you lack the funds to cover the taxes. Penalties and interest can be substantial and may accrue to an amount surpassing the actual tax owed.

FIRST TIME LATE FILING
after one year plus interest
0 %

5% of balance owing plus 1% of balance owing each month to a maximum of 12 months – About 17% after one year plus interest

CONTINUED LATE FILING
after one year plus interest
0 %

10% of balance owing plus 2% of balance owing each month to a maximum of 20 months- About 50% after one year plus interest

E-Filing Tax Returns

Who is elgible to E-File?

All Canadians are eligible to E-file
Deceased taxpayers may E-file
Non-residents & bankrupt taxpayers are not eligible to E-File

Advantages of E-Filing

Quicker Refunds
Improved Accuracy
Digital-Don’t have to send in paper returns
Peace of mind – Immediate confirmation

Retention of Records

All records, documents & receipts should be kept for the retention period-7 years

Appointment Checklist:

Prior to your appointment, we kindly request that you organize all necessary slips and receipts to streamline your tax consultation for optimal efficiency. Please review the checklist provided below to facilitate our assistance in maximizing your eligible deductions.

  • Employment Insurance benefits (T4E)
  • Interest dividends, Mutual Funds (T3, T5, T5008)
  • Northern Travel (T4 slip in box 32)
    • Include all your receipts and records including airfare, car rental, parking, hotel and gas receipts
    • Travel dates are required
    • If claiming mileage, proof of the trip is required
  • Old Age Security and CPP Benefits (T4A-OAS, T4AP)
  • Other Pensions and Annuities
  • Social Assistance Payments (T5007)
  • T4 Slips (Employment Income)
  • Tuition/Education receipts (T2202A)
  • Worker’s Compensation Benefit (T5007)
  • All other information slips
  • Adoption expenses
  • Carrying charges and interest expense
  • Charitable donation
  • Childcare expenses
  • Exams for professional certification
  • Home renovations
    • Accessibility for persons with disabilities and seniors
    • Multigenerational home
  • Interest paid on student loans
  • Medical expenses (Doctors note & receipts)
  • Moving expense
  • Office-in-home expenses
    • CRA is not accepting the simplified or temporary flat rate method in 2023
    • Employees must use the detailed method and obtain a completed T2200 reviewed and signed by employer for 2023
  • Other employment expenses
  • Political donation
  • Professional or Union Dues
  • Rental income and expenses
  • RRSP contribution
  • Support for a child, spouse, or common-law partner
  • Teacher’s school supplies
  • Tool expense (Tradesperson or Apprentice Mechanics)
  • Transit Pass receipts
  • Automobile or Travel logbook and expenses
  • Business, Farm, or Fishing income/expenses
  • Canada Revenue Agency correspondence
  • Declaration of Conditions of Employment (T2200)
  • Disability Tax Credit Certificate
  • Northern resident deductions receipts
  • Notice of Assessment (NOA)/Reassessment from CRA
  • Sale of deemed sale of stocks, bonds, or real estate
  • Sale of principal residence
  • Search and Rescue volunteers’ certification
  • Volunteer Firefighters certification
  • Written certification for eligible educator school supplies

Twin Tax by Pinkney News

Business Lifetime Achievement Award

In October 2022, Wayne Pinkney received the Business Lifetime Achievement Award from the Fort McMurray Chamber of Commerce for his Financial Services provided to the community.

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Kristi Pinkney-Hines (daughter left), Wayne Pinkney (centre), and his wife Patricia (right)

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Our location

Twin Tax by Pinkney
9903 Franklin Avenue, Unit C
Fort McMurray, AB T9H 2K4

Opening Hours

Tax season hours (Feb. 15th-May 15th):
Mon - Wed: 8:00am-7:00pm
Thur - Fri: 8:00am-8:00pm
Sat - Sun: 9:00am-5pm

Off-season hours (May 16th-Feb 14th):
Mon - Fri: 8:00am-5:00pm
Weekends by Appointment

Contact

Phone: 780-715-1126