Frequently Asked Questions About Filing Your 2019 Taxes
Filing income taxes can be a dreaded task but it is critical to file your return within the tax deadline to avoid unnecessary penalties. Unfortunately, as a non-professional, filing taxes can be a complicated process to follow and may often leave you with several unanswered questions. To ensure you have all your doubts are cleared and are armed with the most accurate information available, Nickelle Vohs Professional Corporation has answered some of the most frequently asked questions about filing your 2019 taxes.
1. What do I need to bring in to get my personal taxes filed?
- Prior year tax return/NOA
- All slips received
- Medical Receipts
- Donation Receipts
- Investment Statements
- Summary of foreign holdings
- Details of capital sales
- Statements showing interest paid on student loans
- Professional/Union Dues
- Child Care Expenses
- Moving Expenses
- Income/Expenses for Profit/Loss Statement
2. What do I need to bring in to get my company tax return filed?
- Prior year Financial Statements/Tax Return/NOA
- Bookkeeping back-up
- Capital asset purchase and sales invoices
- Bank and Loan Statements
- Investments Statements
- All correspondence from CRA
3. What are the 2019 Personal Federal Tax Rates?
- $0-$47,629 = 15%
- $47,630-$95,259 = 20.5%
- $95,260-$147,667 = 26%
- $210,372+ = 33%
4. What are the 2019 Personal Alberta Tax Rates?
- $0-$131,220 = 10%
- $131,221-$151,464 = 12%
- $151,465-$209,952 = 13%
- $209,953-$314,928 = 14%
- $314,929+ = 15%
5. What are the 2019 Corporate Tax Rates?
- Small Business Rate: 11%
- General Rate: 27%
- Investment Income (over 50K): 50.6%
6. What are my due dates?
- Corporate Tax Payments: 3 months after Year-End
- Corporate Tax Return Filing: 6 months after Year-End
- Personal Tax Payments: April 30
- Personal Tax Return: April 30
- Personal Tax Return with a Profit/Loss: June 15
- GST (Quarterly/Monthly): One month after Period End
- GST (Annually): 3 Months after Year-End
7. How has COVID-19 affected tax filing/payment?
- Personal tax deadline has been extended to June 1, 2020.
- Corporate tax filing has been extended to June 1, 2020, for business with year-end from September 2019-November 2019.
- All payments (due after March 18, 2020) deferred to September 1, 2020.
If you have any more questions about filing taxes, get in touch with Nickelle Vohs Professional Corporation. As a Chartered Financial Accountant Firm in Innisfail, AB, we pride ourselves in delivering accurate and timely financial information and tax filing services to our clients. We provide accounting, bookkeeping, and tax preparation services to clients across Innisfail, Red Deer, Sylvan Lake, Sundre, Rocky Mountain House, and Olds, AB.