Bookkeeping Resources for CRA Tax Forms and Calculators

T2 Corporation – Income Tax Guide 2024.pdf

Who Should File the T2 Return? The T2 Corporation Income Tax Return should be filed by:

• Resident corporations (Canadian or foreign) with income to report.
• Non-resident corporations with income from a business carried on in Canada, taxable Canadian property disposals, or taxable capital gains to report.

When Should the T2 Return Be Filed? The specific filing deadline can vary depending on the corporation’s tax year-end and other factors. Generally, corporations must file their income tax return no later than six months after the end of each tax year. The tax year of a corporation is its fiscal period.

What Does the T2 Return Cover? The T2 Corporation Income Tax Return includes sections for:

• Filing the return.
• Reporting income, deductions, and credits applicable to corporations.
• Calculating federal tax and provincial or territorial tax.
• Record keeping.
• Special situations applicable to certain types of corporations.

Please note that this is a general form and may not cover every situation.

Federal Income Tax and Benefit Guide 2024.pdf

Tax packages for all years CRA link

Who should file a return?

• Individuals who have to pay tax for the year.
• Those who want to claim a refund.
• Those who want to claim the Canada workers benefit (CWB) or received CWB advance payments in the year.
• Individuals or their spouse or common-law partner who want to begin or continue receiving credits and benefits such as the Canada child benefit (CCB), goods and services tax/harmonized sales tax (GST/HST) credit, or guaranteed income supplement (GIS).
• If the CRA sent you a request to file a return.
• Individuals and their spouse or common-law partner who are jointly electing to split pension income.
• Those who disposed of capital property or realized a taxable capital gain in the year.
• Individuals who have to repay all or part of their old age security (OAS) benefits or employment insurance (EI) benefits.
• Those who have not repaid all of the amounts they withdrew from their registered retirement savings plan (RRSP) under the Home Buyers’ Plan (HBP) or Lifelong Learning Plan (LLP).
• Individuals who have to contribute to the Canada Pension Plan (CPP) for 2022.
• Those paying EI premiums on self-employment income or other eligible earnings.
• Individuals who have incurred a non-capital loss in the year that they want to be able to apply to other years.
• Those who want to transfer unused tuition fees or carry forward unused tuition, education, and textbook amounts to a future year.
• Individuals who want to report income that would allow them to contribute to an RRSP, a pooled registered pension plan (PRPP), or a specified pension plan (SPP) to keep their RRSP deduction limit for future years up to date.
• Those who want to carry forward the unused investment tax credit on expenditures they incurred during the current year.
• Individuals who want to report income that will allow them to increase their Canada training credit limit.

When to file a return? The document does not specify a particular date for filing the return. However, it’s generally recommended to file your tax return by April 30th of the year following the tax year. If this date falls on a weekend or a holiday, the deadline is extended to the next business day. If you or your spouse or common-law partner are self-employed, the deadline to file your tax return is June 15th, but any taxes owed should still be paid by April 30th.

Please note that this is a general guideline and specific circumstances may require different actions.

Tax packages for all years CRA link

Who needs to file it? The guide is relevant for residents of Manitoba, including non-residents who earned income from employment in Manitoba or received income from a business with a permanent establishment only in Manitoba. It’s also applicable to those who resided in Manitoba on December 31, 2022, and had business income from multiple jurisdictions.

When to file it? The guide doesn’t specify a particular filing date, but typically, tax forms are filed annually during the tax season, which is usually between January and April of the following year.

What’s new for 2022? The personal income levels used to calculate Manitoba tax and the basic personal amount have increased. The community enterprise development tax credit and the small business venture capital tax credit have been made permanent. Changes have been made to the education property tax credit, seniors school tax rebate, and school tax credit for homeowners. The renters tax credit is a new refundable credit for renters of residential properties, replacing the renters component of the education property tax credit.

Tax Credit Programs: Even if you do not have to pay tax, you may be entitled to the primary caregiver tax credit, personal tax credit, education property tax credit, renters tax credit, seniors school tax rebate, and school tax credit for homeowners. Claims for most Manitoba credit amounts must be made within three years of the end of the tax year they relate to.

Forms: The guide provides information on completing Form MB428 (Manitoba Tax) and Form MB479 (Manitoba Credits).

Remember, this is a general overview, and the specifics of your tax situation may require additional forms or considerations.

Older than 2025 Instalment Guide CRA link

Corporations may need to make instalment payments, which are partial payments of the total tax amount payable for the year. These payments are typically required for most corporations, with some exceptions.

• Instalment Requirements: Corporations usually make monthly or quarterly instalment payments towards their tax liability under various parts of the Income Tax Act. This encompasses taxes on income, capital of financial institutions, dividends on taxable preferred shares, carved-out income, investment income of life insurers, and additional tax on authorized foreign banks.
• New Corporations: In their first year of operation, new corporations aren’t required to make instalment payments. However, they must settle any tax owed by the balance-due day for that year.
• Tax Payable of $3,000 or Less: If a corporation’s tax payable is $3,000 or less for the current or previous year, it’s exempt from making instalment payments. This applies to federal taxes and certain provincial or territorial taxes.
• Calculating Instalments: Corporations can determine their instalment payments by estimating the total tax payable under various parts of the Income Tax Act and considering any applicable non-refundable tax credits.
• Due Dates: Specific dates are set for instalment payments and the balance-due day.
• Payments: Corporations can find various methods to make their payments, including payment vouchers.
• Interest and Penalties: The Canada Revenue Agency (CRA) may impose instalment interest and penalties if corporations don’t make the required payments on time.
• Additional Information: Other topics covered in the pdf document include transfers, refunds, overpayments, interest, penalties, and more.

TD1 Personal Tax Credits Return 2024.pdf

This form is used by employees and pensioners in Canada to determine the amount of tax to be deducted from their income.

Who Should File It? This form should be filled out by individuals in the following circumstances:

• You have a new employer or payer and you will receive salary, wages, commissions, pensions, employment insurance benefits, or any other remuneration.
• You want to change amounts you previously claimed (for example, the number of your eligible dependents has changed).
• You want to claim the deduction for living in a prescribed zone.
• You want to increase the amount of tax deducted at source.

When Should It Be Filed? This form should be filled out and given to your employer or payer when any of the above circumstances apply. If you do not fill out this form, your tax deductions will only include the basic personal amount, estimated by your employer or payer based on the income they pay you.

Additional Information The form includes various lines where you can claim personal tax credits, such as the basic personal amount, the Canada caregiver amount for infirm children under age 18, the age amount, the pension income amount, tuition, the disability amount, and amounts transferred from your spouse or common-law partner or a dependent.

If your total income for the year from all employers and payers will be less than your total claim amount on Line 13, your employer or payer will not deduct tax from your earnings.

TD1 Personal Tax Credits Return 2024.pdf

This form is used by employees working in Manitoba or pensioners residing in Manitoba to determine the amount of provincial tax to be deducted from their income.

Who Should File It? This form should be filled out by individuals in the following circumstances:

• You are an employee working in Manitoba or a pensioner residing in Manitoba.
• You have a new employer or payer and you will receive salary, wages, commissions, pensions, employment insurance benefits, or any other remuneration.
• You want to change amounts you previously claimed (for example, the number of your eligible dependants has changed).
• You want to increase the amount of tax deducted at source.

When Should It Be Filed? This form should be filled out and given to your employer or payer when any of the above circumstances apply. If you do not fill out Form TD1MB, your employer or payer will deduct taxes after allowing the basic personal amount only.

Additional Information The form includes various lines where you can claim personal tax credits, such as the basic personal amount, age amount, pension income amount, tuition and education amounts, disability amount, spouse or common-law partner amount, amount for an eligible dependant, caregiver amount, amount for infirm dependants age 18 or older, amounts transferred from your spouse or common-law partner, amounts transferred from a dependant, and Manitoba Family Tax Benefit.

This form is used by employees who are paid by commission, or a combination of commission and salary or wages, and who want their employer to adjust their tax deductions to account for their commission expenses. 

Who Should File It? Employees who are paid by commission or a combination of commission and salary or wages, and who want their employer to adjust their tax deductions to account for their commission expenses should fill out this form.

When Should It Be Filed? The form should be given to the employer no later than:

• January 31, if you had the same employer last year.
• One month after you start employment with a new employer.
• One month after the date of any change to your personal tax credit amounts (as shown on your Form TD1).
• One month after your estimated total income for the year changes greatly.
• One month after your estimated commission expenses for the year changes greatly.

If you choose not to fill out this form, or if you inform your employer in writing that you want to cancel a Form TD1X that you had previously filled out, your employer will deduct tax from your pay using the “Total claim amount” shown on your Form TD1.

Statement of Commission Income and Expenses for Payroll Tax Deductions.pdf

T4001 Employers’ Guide – Payroll Deductions and Remittances.pdf

This guide is intended for payroll software providers or companies that develop their own in-house payroll solutions.

Who Should Use This Guide:

• Payroll software providers.
• Companies that develop their own in-house payroll solutions.

Purpose of the Guide:

• The guide contains formulas to calculate federal, provincial (except Quebec), and territorial income taxes.
• It helps determine Canada Pension Plan (CPP) contributions and employment insurance (EI) premium deductions.
• The formulas also allow the calculation of payroll deductions for income sources such as commission, pension, bonuses, and retroactive pay increases.

Validity of the Formulas:

• The formulas used in this guide to calculate statutory deductions have been approved for purposes of the Income Tax Act, the Canada Pension Plan, the Employment Insurance Act, and their related regulations and any amendments proposed to these acts.

Additional Resources:

• For more information on income amounts that are subject to payroll deductions, refer to the publication T4001, Employers’ Guide – Payroll Deductions and Remittances.
• If you have questions about the formulas in this guide, contact your tax services office or tax centre.

Distribution of the Guide:

• This guide is available in electronic format only.

Payroll Deductions Online Calculator:

• For your payroll deductions, you can use the Payroll Deductions Online Calculator (PDOC). The calculator includes an option to help you make sure that enough Canada Pension Plan contributions and employment insurance premiums have been withheld for full-year employees.

What’s New for July 1, 2023:

• This guide reflects some income tax changes recently announced which, if enacted as proposed, would be effective July 1, 2023.
• At the time of publishing, these proposed changes were not law.

Please note that this is a high-level summary. The document itself contains detailed formulas and specific instructions for various scenarios.

Previous Years CRA link

Who needs to file it? Any individual or business that uses a motor vehicle to earn business income needs to file for motor vehicle expenses. This includes small businesses, self-employed individuals, partners in a business partnership, and those involved in farming or fishing activities.

When to file it? The filing should be done during the tax reporting period. The exact timeline isn’t specified on the page, but it typically aligns with the tax filing deadlines in Canada.

How to file it? Motor vehicle expenses are calculated and reported on Form T2125 (Statement of Business or Professional Activities), Form T2042 (Statement of Farming Activities), or Form T2121 (Statement of Fishing Activities), depending on the nature of your business. The expenses that can be deducted include license and registration fees, fuel and oil costs, insurance, interest on money borrowed to buy a motor vehicle, maintenance and repairs, and leasing costs.

What are the conditions? The expenses that can be deducted must be reasonable and supported by receipts. If the vehicle is used for both business and personal use, only the portion of the expenses that relates to earning business income can be deducted. However, the full amount of parking fees related to business activities and supplementary business insurance for the vehicle can be deducted.

The type of vehicle owned can also affect the expenses that can be deducted. For income tax purposes, there are four types of vehicles: motor vehicles, passenger vehicles, zero-emission passenger vehicles, and zero-emission vehicles. Each has specific rules and limits on the amount of expenses that can be deducted.

Record Keeping To get the full benefit of your claim for each vehicle, keep a record of the total kilometers you drive and the kilometers you drive to earn business income. For each trip, list the date, destination, purpose, and number of kilometers you drive. Record the odometer reading of each vehicle at the start and end of the fiscal period. If you change motor vehicles during the fiscal period, record the dates of the changes and the odometer readings when you buy, sell, or trade the vehicles.

Please note that this is a general summary and the specific details and requirements may vary based on individual circumstances.