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Frequently Asked Questions New Client Questions What happens if I over-contribute to my RRSP’s? You will be subject to a 1% penalty tax per month to the extent that the over-contribution exceeds $2,000.00 When can I destroy my personal or company records? Generally, you must keep your books and records for six years from the end of the last tax year to which the records relate. If you are uncertain about this please consult us. We request that you keep records even longer if you still owe on it or own it. ie: mortgage documents. Can I write off my home office in my business? Yes, if you use a portion of your home as your principal place of business or solely as a place of business you can deduct a portion of your expenses. Personal Tax Questions When is my personal tax return due? Generally, your tax return for 2005 must be filed by APRIL 30, 2006. If you file later than this date any credits ie: GST, Child Tax Benefits and Old Age Security Benefits may be delayed. Self-employed persons can file their tax return on or before June 15th, 2006. However, if you have a balance owing for 2005 the taxes are still due on or before April 30th, 2006. What is the penalty for filing my tax return late? The late filing penalty is 5% of the balance owing and an additional 1% of the balance owing for each full month that your return is late to a maximum of twelve months. Note – the filing penalty may be higher if you were already charged a late filing penalty in the three previous years. Do I need to pay personal instalments? If you have been sent instalment reminder notices you must pay instalment payments unless your net tax owing is $2,000.00 or less When are my personal installment payments due? Your instalment payments are due on March 15, June 15, September 15 and December 15. How can I make payments to Canada Revenue Agency? Electronically You may be able to pay by phone or internet banking. For information, contact your financial institution to see if they provide these services. You can also visit the Canada Revenue Agency website for details Financial Institution You can make payments at your financial institution. You must present the applicable Canada Revenue Remittance voucher with payment to the teller. Mail You can mail a cheque or money order payable to The Receiver General along with your completed remittance voucher to: Canada Revenue Agency 875 Heron Road Ottawa ON K1A 1B1 Always put your Business Number or Social Insurance Number depending on the type of payment on the cheque. Allow ample mailing time and you can post-date cheques. Never mail cash. What is the deadline for R.R.S.P. purchases? You must buy R.R.S.P.’s on or before March 1st for the prior year ie: Purchase R.R.S.P.’s on March 1, 2006 to apply to your 2005 tax return which is due by April 30th, 2006. How much should I contribute to my RRSP’s? Making maximum contributions is the best option in order to capitalize on the tax savings in the year of the contribution. When must my corporate tax returns be filed? Be sure to file your corporate tax returns no later than six months after the end of your tax year. The tax year of a corporation is its fiscal year end. ie: corporation year end is March 31st – the filing deadline is September 30th. Can I use the payroll module even if I don't subscribe to SimplyCare? Yes, you can enter the paycheques manually - Simply won't stop you from over-deducting CPP or EI if the person you are paying should happen to maximize out during the year. How much do computer classes/courses cost? Basic and intermediate classes are $300 plus GST and run for 6 hours. One-on-one training costs $600 plus GST and run for 6 hours. Small Business Questions Do I need a Business Number to import into Canada? Yes you do. If you do not have one, we can set one up for you. How do I register a business in Alberta? The first step is to determine when you are a sole proprietor, partnership or a limited company. You must register a trade name for a sole proprietor or partnership. There is no guarantee that your name will not be duplicated. A corporation on the other hand must choose a unique name. You must do this through an Alberta Registries office, lawyer, or search house. Please be advised that there will be a fee to do this. Consult your lawyer and/or accountant if you are unsure of what to do. Should I incorporate my business? Generally speaking, there are more tax planning opportunities for Canadian businesses that are incorporated than for those which are not. Please note that there are additional expenses to incorporating that must be considered. G.S.T. Questions Can a Non-Resident Importer get a GST (Goods & Services Tax) number? Yes, they can. We can handle the paper work for you and get a tax number almost immediately, so that your inbound shipment is not delayed. Do I need to register for the GST? Generally, you need to register for GST if your revenue will exceed $30,000.00. You must register regardless if you operate a taxi or limousine service, or if you are a non-resident that charges admission directly to audiences at activities or events in Canada. Training Questions Can I call Quon for Simply assistance? Yes, we are happy to answer questions. Do you provide customize training courses? We offer Simply Accounting and QuickBooks courses on a one-on-one basis focused on your needs and company specific data. We can provide this training in our office or in yours, where you have all of your accounting records handy. In-house training costs $150 per hour with a minimum of two hours class. On-site training is $150 per hours plus travel time and disbursements. 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