This is a first in what I hope to be a series of articles on various tax topics.  I look forward to bringing you a variety of different issues that, at the very least, you find interesting and maybe even helpful.

As accounting practitioners, we are well into our “crazy” season.  T4’s and T5’s are due at the end of February and T3’s and T5013’s by March 31.  If this sounds like a mish/mash of forms that make little sense, don’t worry.  Just remember, if you get a form, chances are you will need to include it in your 2006 personal income tax return.

If you’re not sure, keep everything and give it to your tax preparer.  If you prepare your own, ask lots of questions.  The Canada Revenue Agency does match the information they receive to your tax return.  If you’ve forgotten to report income, they will eventually catch it.

When are personal tax returns due and, more importantly, when are any associated taxes due?  For most of us, our personal tax return must be filed on or before April 30^th each year.  April 30^th, 2007 falls on a Monday this year, so you have at least the weekend before to get it done!  If a tax preparer does your return and you want to keep your bill low, my advice is to get your information to them well ahead of April 30^th.

Some of you may have self-employment income.  For example, you may be running a proprietorship, a home based business or a rental property.  In your case, you and your spouse have until June 15^th to file your returns.

However, and maybe this should be underlined, all final payments for your 2006 personal taxes must be made no later than April 30^th, even if you have until June 15^th to file the actual return.  My recommendation is to get your tax return done before April 30^th to determine the amount of tax, if any, you have to pay.

If you do have to pay, remember that your payment is not due until April 30^th.  You don’t have to make a payment when you file your return.  For example, I may file a client’s return with taxes payable on March 1^st.  Payment for that return will generally not be sent to the Canada Revenue Agency until April 30^th.

You can pay for your taxes in a variety of ways: electronically, by mail, at the bank, at a local Canada Revenue Agency office.  In most cases, a remittance form is mandatory to ensure the payment gets to the right account. 

Finally, if you have a refund coming, the fastest way to get your money back is by electronically filing your tax return.