At VS Group, we can help with every step of the process from organizing your financial information to e-filing your return. We service a variety of individuals and take the time to get to know you, your objectives, needs and concerns in order to provide a personalized service for you.

Important Facts Key Dates Tax Checklist FAQ’s Rates

Plan ahead.

Make sure you are ready when you file your income tax and benefit return.
  • view your registered retirement savings plan (RRSP) deduction limit and tax-free savings account (TFSA) contributions;
  • pay with pre-authorized debit;
  • apply for benefits;
  • update your personal information;
  • use our helpful Tax Checklist to make sure you have your receipts and records in order to file your tax return.
  • Children’s fitness tax credit. You can claim fees paid in 2016 for the cost of registration or membership for your or your spouse’s or common-law partner’s child in a prescribed program of physical activity. You can claim a maximum of $500 of eligible fees per child.
  • Children's arts amount. You can claim to a maximum of $250 per child the fees paid in 2016 relating to the cost of registration or membership for your or your spouse's or common-law partner's child in a prescribed program of artistic, cultural, recreational, or developmental activity.

    Effective for the 2016 taxation year, the maximum eligible amount per child was reduced. Effective for the 2017 and subsequent taxation years, both credits will be eliminated.

    For more information visit http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa06-eng.html

  • Family caregiver amount (FCA). If you have a dependant with an impairment in physical or mental functions, you may be eligible to claim an amount on line 367 or an additional $2,121 for one or more of the following amounts (Schedule 1, Federal Tax):
    • spouse or common-law partner amount (line 303);
    • amount for an eligible dependant (line 305); and
    • caregiver amount (line 315).
    For more information visit www.cra-arc.gc.ca/familycaregiver/

Tax-Free Savings Account (TFSA). The annual contribution limit for tax-free savings accounts for 2016 is $5,500.

Charitable Donations. The First-time donor's super credit (FDSC) supplements the value of the charitable donations tax credit (CDTC) by 25% on donations made after March 20, 2013, by a first-time donor. The FDSC applies to a gift of money made after March 20, 2013, up to a maximum of $1,000, in respect of only one taxation year from 2013 to 2017.

Personal

February 20, 2017 - NETFILE opens
March 1, 2017 - RRSP Contribution Deadline for 2016 Income Tax
March 15, 2017 - Quarterly installment due if you pay taxes to CRA by installments.
April 30, 2017 - Returns due for individuals. Most Canadian income tax and benefit returns for 2016 are due on April 30, 2017. However, as this date is a Sunday, the CRA will consider your return as filed on time and your payment to be made on time if the CRA receives your submission or it is postmarked on or before May 1, 2017.

Corporate

January 31, 2017 - Due Date for filing and remitting Goods and Service Tax / Harmonized Services Tax (GST/HST) for the prior quarterly reporting period.
June 15, 2017 - Returns due for self-employed workers and their spouses or common-law partners. However, if you have a balance owing for 2016, you still have to pay it on or before April 30, 2017. As this date is a Sunday, the CRA will consider your payment as received on time if it is postmarked on or before May 1, 2017.

Not sure what you need to bring in to file your Tax Return? Use our Tax Checklist to ensure you have everything such as your income tax information, such as T4 and T5 slips, receipts, and a copy of last year's return for reference.

When will I get my T-slips?

Your T4 (employment income) slip and T5 (investment income and/or dividends) will be mailed out by February 29th. T3s (investments such as interest, dividends and capital gains) will be mailed out by March 30th.
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I can't get a T4 slip from one of my employers, what can I do?

After exhausting all options, take your last paystub of the year and enter in the amounts into your tax return such as Gross Wages, CPP, EI, Union Dues (if applicable), Charitable donations (if applicable). The CRA will then adjust your return to the copy of the T4 that they will have on file. It is always better to report your income rather than omitting it as the CRA will charge you a 10% penalty on the balance owing for not entering in a slip the first time. If you do this again within next 3 years, they will charge you a 20% penalty on your taxes owing.
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How can I find out how much room I have in my RRSP?

Check your Notice of Assessment of the last tax return that you have. You will see at the bottom how much you can contribute without going over.
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How much should I contribute to my RRSP?

This is a complex question as everyone is different. There is no right or wrong answer. The idea of contributing to your RRSP is to help defer your taxes when you're in a higher tax bracket to when you're in a lower tax bracket when you retire. You can also choose to contribute while you're in lowest tax bracket but not deduct it until you will be in a higher tax bracket in future years. Please see a tax professional to determine the best strategy for you.
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How much tuition can my child transfer to me?

Your child can transfer up to maximum of $5000 federal and $6,922 Ontario as long as your child does not need it to help reduce his/her taxes payable. Be sure to have your child sign the back of the T2202 form to authorize the transfer of the credits. The CRA generally ask for this on a regular basis.
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My child is a college/university student and yet my child was not able to transfer tuition to me. Why not?

The child must use the tuition first to reduce any taxes payable before s/he can transfer any unused tuition to you. If s/he has used it all up, then there is no unused tuition available to transfer to you.
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I've just heard that I may be able to claim disability tax credit on my tax return. What do I have to do to claim this?

You will have to print off form T2201 – Disability Tax Credit Certificate and get a specific doctor to fill out the section where you have a disability then send the form in. Expect 8-10 weeks before you find out if you qualify. You may be able to apply the credit against your prior year's return and will result in a greater refund. The CRA will usually adjust the returns for the years that you qualified for it.
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What changes have been made to enhance the Universal child care benefit (UCCB)?

Effective July 1, 2016, the Universal Child Care Benefit (UCCB) is replaced by the Canada Child Benefit; however, you can still apply for previous years.
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What is Canada Child Benefit?

The Canada child benefit (CCB) is a tax-free monthly payment made to eligible families to help them with the cost of raising children under 18 years of age. The Canada Revenue Agency uses information from your income tax and benefit return to calculate how much your CCB payments will be. To get the CCB, you have to file your return every year, even if you did not have income in the year. If you have a spouse or common-law partner, they also have to file a return every year.
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How much fitness and arts activity credit can I claim?

Effective for the 2016 taxation year, the maximum eligible amount per child will be reduced to $500 from $1,000 for the children’s fitness tax credit (which will remain refundable for 2016) and to $250 from $500 for the children’s arts tax credit. The supplemental amounts for children eligible for the disability tax credit will remain at $500 for both credits for 2016. Be sure to have the invoice with the name of child, type of activity and the date.
Effective for the 2017 and subsequent taxation years, both credits will be eliminated.
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How come I can't transfer the full 50% of my pension with my spouse? I only got a lower percentage for pension splitting.

It may not be the most tax-efficient manner. Keep in mind that your spouse may have other taxable income and by claiming the full 50% of your pension, it may cost your spouse more money in the long run. The tax software does the calculations to determine the most optimal tax advantage for you as a couple.
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How come I haven't gotten my OAS yet? I thought I get OAS automatically when I turn 65?

You must apply for Old Age Security (OAS). It is best to start applying for it 6 months before you turn 65 to allow Service Canada time to process your application. Apply for the OAS immediately as you will only be able to get retroactive payments up to 11 months. Be sure to continue filing your tax return on time in order to renew your application every year!
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Which income is included in pension income splitting?

Any pension received from a company regardless of how old you are, RRIF when you turn 65, and any pension income received as result of spouse or common-law partner. You can only split them with your spouse or common-law partner.
Note that Old Age Security (OAS), CPP, and RRIF under the age of 65 do NOT qualify for pension income splitting.
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My spouse is in a nursing home. Can I still split my pension with him/her?

You can still split pension with your spouse or common-law partner even when involuntarily separated for medical, educational or business reasons.
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VS Group Income Tax Fee Schedule
Personal T1 General Returns
($1.00 for each additional slip)
$95.00
Second Personal Return for immediate family member (spouse) $85.00
Basic Senior T1 General Return & Student
(Old Age Security, Guaranteed Income, CPP)
$65.00
Additional Fees for:
Basic Farm Tax Return Preparation (T2042)
(Annual information summarized by client)
$125.00
AgriStability program $150.00
Statement of Real Estate Rental Income (T776) $75.00
Statement of Business Activity (T2125) $125.00
Statement of Professional Income (T2125) $125.00
HST Housing Rebate $350.00
Other Specialized Forms
(T1 Adjustment, T1M-Moving Summary, T2222-Northern Residents Deduction, TL2-Meals & Lodging, TX19-Request for Clearance Certificate, ABIL-Allowable Business Investment Loss etc.)
$5.00-$55.00
(Please note that additional bookkeeping charges will apply if records are incomplete or not summarized. The set fee for the preparation of Business activity form T2125 and all other forms are based on the assumption that items are properly categorized and totaled. Additional bookkeeping for tax preparation purposes is billed at a rate of $65.00/hour. Ask about our detailed fee structure.)

48hr Income Tax Return Preparation Policy

Our 24hr Policy applies to personal tax returns prepared solely on slips issued by employers, government & agencies (i.e. T4, T5, T4RSP, CPP etc.) If you have additional income schedules, please check out our 5 Day Policy.

Our 5 Business Day Policy applies to all personal returns that have additional income (business, rental, professional or farm).

* Time policy is calculated from the time all information was received at our office.

E-File

Starting in 2013, we are required to file returns electronically. Returns may be processed by CRA in as little as 8 business days.

Disclaimer: The information provided on this website should not be used in any actual transaction without the advice and guidance of a professional Tax Advisor who is familiar with all the relevant facts. Although the information contained here is presented in good faith and believed to be correct, it is General in nature and is not intended as tax advice and may not be applicable to or suitable for the individuals' specific circumstances or needs and may require consideration of other matters.

Tax Season Hours*

North Bay Office
Mon-Fri: 8:00 a.m. - 7:00 p.m.
Sat: 9:00 a.m. - 1:00 p.m.
New Liskeard Office
Mon: By Appointment Only
Tue-Thu: 9:00 a.m. - 4:30 p.m.
closed 12:00 p.m. - 1:00 p.m.
Fri: By Appointment Only
Sat: By Appointment Only

* Effective the first week of March until the end of April.