Know the difference between “tax credit” and “tax deduction.” A deduction is an expense or exception which reduces your total taxable income. The tax credit is what reduces whatever you’re on the hook for income tax wise.
The CRA does not send emails. If you receive an email claiming to be from the CRA, do not respond and do not click on any links. Be sure to contact Books In Line if you are not sure about anyone contacting you claiming to be from the CRA. We will look into this on your behalf.
As a self-employed individual, the due date for your personal income tax return (as well as your spouse’s return) is on or before June 15th. However, if you owe money it’s due on April 30th!
My tax tip?
Forget all about the June 15th due date and always treat your bookkeeping and taxes as though everything should be completed and ready to be paid by April 30th.