FAQ
Q. When is the deadline for filing my personal income tax return (T1)?
A. For most individuals, the filing and payment deadline is April 30th. If you or your spouse are self-employed, the filing deadline is extended to June 15th. However, please note that any taxes owed must still be paid by April 30th to avoid interest and penalties.
Q. Do I need to report my foreign income or assets to the CRA?
A. Yes. As a Canadian resident, you are required to report your Worldwide Income. Furthermore, if the total cost of your foreign investment assets exceeded CAD $100,000 at any time during the year, you must file a T1135 (Foreign Income Verification Statement). Failure to file can result in significant penalties, often reaching up to $2,500.
Q. How long does it usually take to receive my tax refund?
A. Generally, if you file electronically (E-file), the CRA processes most returns within 8 to 14 business days. However, this timeline may vary if your return is selected for a more detailed review or if additional documentation is required. Ensuring an accurate initial filing is the best way to speed up your refund.
Q. Do I need to hire a professional for corporate bookkeeping from the start?
A. Every corporation is required to keep accurate financial records. Working with a professional is not just about keeping books organized. It helps you plan legitimate tax savings and reduces the risk of a CRA audit, making it a practical and cost effective choice.
Q. How is the GST and PST filing frequency determined?
A. Your filing frequency depends on your annual revenue and may be monthly, quarterly, or annual. As your revenue grows, filings become more frequent. Managing input tax credits properly is important to keep your cash flow healthy.
Q. Why should I outsource payroll to an accounting firm?
A. Payroll rules in Canada, including CPP, EI, and income tax withholdings, can be complex. Missing a remittance deadline, even by a day, can lead to penalties. By outsourcing payroll, you can focus on running your business while we take care of compliance, calculations, and year end T4 filings.
Q. Can I get professional advice in Korean in Vancouver?
A. Yes. At WOORI, we provide consultations in both Korean and English. We make complex tax terms easy to understand, and you get tailored solutions from a Vancouver CPA familiar with the local business environment—no language barriers.
Q. Where is your office located?
A. Our office is at 207-4341 North Rd, Burnaby V3N 4N3.