More Tax Filing Tips

By  on March 02, 2010
Tax Filing TipsMore Filing Tips
  • FILE ON TIME:
Late filers are subject to an  automatic five percent penalty on any unpaid tax, plus an additional one percent on the amount owing
for each month the return is late, up to a maximum of 12 percent.

  • FILL OUT THE RIGHT FORM
With the birth of a child, you will need to complete Form RC66, Canada Child Tax Benefit Application, and send it to the Canada Revenue Agency to register your child for the Child Tax Benefit, the Universal Child Care Benefit and the GST/HST Credit.

  • ENSURE THE STAY-AT-HOME PARENT FILES A RETURN
Even if that parent doesn’t earn an income, it’s important to file because the government looks at both returns to determine  eligibility for the Child Tax Benefit.

  • IT’S NEVER TOO SOON FOR YOUR CHILD TO FILE
If your son or daughter has earned money from part-time jobs or even casual employment such as babysitting or shovelling snow, they should file a tax return to begin establishing RRSP contribution room for use in the future.


Published March 2010

March 02, 2010

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