E-filing: Generally, it takes about 10 business days for the issuance of a Notice of Assessment by the CRA once we file the tax return, provided all required information is given.
Paper Filing: If you opt for a paper-filed return, the processing time is usually 6 to 8 weeks.
Mandatory Reporting: All forms of income, including cash earnings, must be reported on your annual income tax return.
Consequences of Non-Reporting: Not reporting cash income is considered tax evasion, leading to serious consequences, including personal, legal, professional, and financial repercussions.
Requirements for Cash Income:
Report all income, regardless of its form.
If you are a GST/HST registrant, report and remit GST/HST.
File an income tax return.
File third-party reporting slips for subcontractors.
Current Tax Rules: Under existing tax regulations, the parent receiving child support does not include these payments as income. Similarly, the parent paying child support cannot claim these payments as a deduction.
Fair Price Policy: Our pricing is based on understanding your specific needs. We quote a price based on the required services and the associated workload.
