CRA Releases Income Tax Return Statistics For The 2016 Personal
The Canada Revenue Agency has released information about the
2006 T1 tax return filing season. It said that 26,233,828 T1
returns were received from 2016-02-15 to 2016-05-30. 85% of those
returns were filed electronically, with 56% filed by accountants
through efile and the remaining 29% by individuals through netfile.
Most of the filed returns, 59%, resulted in refunds in an average
amount of $1,682. Nil returns amounted to 22% of the total, and the
remaining 19% of the T1 returns had taxes owing. The percentage of
paper returns has been declining steadily from 38% just 5 years ago
in 2011 to 15% this year.
All personal tax filings are not yet completed since the
deadline for self employed individuals to file their t1 returns is
Any Canadian who misses the filing deadline will be subject to a
tax late filing penalty of 5% of taxes owing, plus 1% of the unpaid
tax balance per month. These tax penalties double for repeat late
Canadians who have not filed personal tax returns for several
years may be eligible for the CRA voluntary disclosure program
(VDP). If they file the returns through a Canadian tax lawyer with
the tax amnesty office, not as a regularly submitted tax return,
there will be no late filing penalties, no prosecution for unfiled
tax returns, and there may be a reduction of interest owing for
some of the years. The main requirement to be eligible for this
program is that the taxpayer approaches CRA before the tax
department sends a request to file returns, or commences any audit
or investigation of the taxpayer. In other words, as the name of
the program implies, the taxpayer must approach CRA on a voluntary
basis. For advice as to eligibility for the voluntary disclosure
program contact our experienced Toronto tax lawyers.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The CRA provides new housing rebates for individuals who have purchased or built a new house or have substantially renovated a house or made a major addition to a house who plan on living in it personally or letting a relative live there.
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