It's that time of year when we are all gathering the requisite paperwork for our accountant, or not, for our annual tax returns.
A T4 slip is a statement of employment earnings filed by employers with CRA and are due on or before February 28.
A T5 slip is a statement of investment earnings such as interest and dividends and are due on or before February 28.
A T3 slip issued by Trusts and T5013 slips issued by Partnerships are due on or before March 31.
This is the reason why some slips have arrived "early" and others slips are not yet due.
If you haven't received all your slips by the 2nd week of April, your accountant can estimate the amount from your statements, then file an amendment later.
And let's make a shift in our tax paradigm to one of gratitude and appreciation.
Our taxes pay for a great diversity of amenities in this wonderful country that we call home.
You'll know what I mean if you have ever visited a country with limited or no social infrastructure such as no paved roads, no sewage system, no potable drinking water, no schools, you get the picture.
Paying taxes is our privilege. We live in one of the most desirable countries in the world. We can grumble about how our politicians are mis-using taxpayer dollars but overall, we have a very high standard of living.
There are smart ways to ensure that you are tax-efficient through a corporation.
A CCPC (Canadian Controlled Private Corporation) claiming the small business deduction have a net tax rate of 10%.
The last thing you want to be is a Personal Services Corporation because you are not allowed to deduct any of the standard business deductions including the small business deduction.