Week 9 - Week 9 Death of a Taxpayer CRA has not figured out...

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Week 9 Death of a Taxpayer CRA has not figured out how to tax you after you die Death of an individual in the last point in time for CRA to may them pay income tax Basic Special Rules on Death Tax return deadline may be extended Multiple returns can be filed for year of death o Some credits can be claimed more than once Deemed disposition of property Treatment of income earned up to and after death Regular Tax Return Deadlines Normal deadline for filing a personal tax return (T1) depends on whether an individual is self- employed - Is the person self-employed or not, if they are self-employed they have one deadline, if they are not self-employed they have more than one deadline - They work for themselves; business income, sole proprietor that carries on their own business, means the same thing for tax April 30 If you are not self-employed - Must file and pay any taxes owing by April 30 th - 2016 tax return due by April 30, 2017 filing and payment deadline (filing; file it online and transmitted by April 30,2017) - CRA deadline falls on weekend or statutory holiday pushed to the next business day, company didn’t withdraw enough tax holdings, owe money to the government, pay it to them by April 30 th If you’re self-employed - Have until June 15 to file your tax return - 2016 tax return due by June 5,2017 - But, must still pay any taxes owing by April 30 th - If you are self-employed, you file one return, there is no distinction between you and your business - Not incorporated, sole proprietor, no distinction, everything gets reported on the T1 - Why; employer gives you the T4 slip with the accounting, when you are self-employed, you have to do your own accounting and that takes time - Because of that government gives you additional time to figure out exact tax return - No further extension on that, even though you get an extension to file June 15, they still want the money by April 30 - Do your accounting by April 30 because if you owe them, to figure out how much you owe them, send in a conservative estimate, spend month finalizing tax return, over or under and have to live with it
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Special Tax Return Deadlines on Death If an individual has died, any unfilled tax returns and the balance owing are due by the later of: -
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