Important Due Dates:
– Personal income tax returns and taxes paid: April 30
– Self employed income tax returns: June 15 (taxes payable April 30)
– Corporate income tax returns: 6 months after year end (taxes payable 3 months after year end)
Deferring your Old Age Security (OAS) Pension:
Changes took effect in July 2013 in regards to deferring the receipt of your OAS pension for up to 5 years after the date you become eligible in exchange for a higher monthly amount. If you defer it, the monthly pension payment will be increased.
There are several factors in deciding when to start receiving your OAS pension.
There is no financial advantage in deferring your OAS pension after age 70.
Canada Pension Plan (CPP) Changes:
Changes took effect in January 2012 for age groups of 60 to 70 year olds.
– 60 to 65 years old:
Employees and self-employed individuals who are receiving CPP benefits must continue to contribute to the CPP.
– 65 to 70 years old:
Employees and self-employed individuals will be required to pay into the CPP unless an election is filed. Self
employed individuals can elect when filing their 2012 personal income tax return while employees need to file the
election in the month prior to ceasing the contributions.
Return to PST Legislation:
The return to PST and elimination of HST has been announced for April 1, 2013.
– New online access for businesses, including the ability to register, update their account, and make payments.
– The due date for tax remittance and returns for monthly filers will be moved to the last day of the month to match
GST remittance, simplifying administration for business.
– The Hotel Room Tax (eight per cent, as it was before July 2010) will now be incorporated into the PST—no more
separate registration, remittance or returns, reducing paperwork.
– Businesses that collect and remit tax will again receive commission of up to $198 per reporting period.