It will soon be time to prepare your 2023 tax return. Providing complete and accurate information will allow us to prepare your tax return in a timely manner. With this in mind, we have attached a checklist and questionnaire to assist you in gathering the required items.
Your 2023 tax information
Please review the attached checklist, note any changes and check the items you are including.
Mandatory electronic filing
The CRA requires approved tax preparers to file tax returns electronically. To comply with this rule, your tax return will be transmitted to the Canada Revenue Agency (CRA). Please answer the related questions on the checklist.
Reporting the sale of your principal residence
All taxpayers who sell their home must report the sale on their tax return, even if it was their principal residence for the whole time they owned it. There are substantial penalties for not reporting the sale. If you sold your home in 2023, provide the details on the attached questionnaire.
Foreign property disclosure
Canadian resident individuals who held property outside Canada with a total cost of more than $100,000 CAD at any time in the tax year must comply with special reporting to the CRA. There are substantial penalties for non-compliance. Please complete the attached questionnaire.
Underused Housing Tax (UHT)
Non-residents and certain Canadian residents, including trustees of a trust and partners in a partnership, who owned residential property in Canada as of December 31, 2023, may need to file an additional UHT tax return, even if the property is exempt from paying the Underused Housing Tax. This applies even if you owned the property jointly with other individuals. The requirements are complex. There are significant penalties for failing to file or pay tax owing by the deadline. Please complete the attached questionnaire and consult with us to determine if you have a filing or tax obligation.
Important dates to remember
February 29, 2024 Final date for 2023 RRSP contributions
March 15, 2024 Payment due date for first quarterly 2024 tax instalment
April 30, 2024 Payment due date for 2023 taxes owing
April 30, 2024 Filing due date for your 2023 income tax return
If you have any questions, please phone us at 306-203-2082 or email us at rcotax@gmail.com.
Sincerely,
R&Co. Chartered Professional Accountant Prof. Corp.
Please note any updates and return this form to:
R&Co. CPA Prof. Corp., 1145 8 St E, Saskatoon, SK S7H 0S3 or rcotax@gmail.com