FAQs
Questions, answered simply.
Short, direct answers to the questions we hear most. Don't see yours? Just ask.
Personal Tax
When is the personal tax deadline in Canada?
For most people, the deadline to file and pay is April 30. If you or your spouse or common-law partner are self-employed, you have until June 15 to file, but any balance owing is still due April 30. If a deadline falls on a weekend or public holiday, the CRA treats it as on time if filed by the next business day.
What documents do I need to file my taxes?
Usually your tax slips (such as T4, T4A, T5 or T2202), receipts for deductions and credits (such as RRSP contributions, childcare, medical or donations), and your most recent notice of assessment. See our preparation checklist.
Can V2 file my whole family's taxes?
Yes. We can prepare returns for you and your household, which also helps make sure family credits and benefits are considered together.
Can you help with tax returns from previous years?
Yes. If you have unfiled or past-year returns, tell us which years and we'll explain how we can help you catch up.
What happens after I submit my tax form?
We review your information, follow up if anything is missing, prepare your return and explain the result. Nothing is filed until you've reviewed and approved it.
Business
Do I need an accountant for my small business?
You're not required to have one, but many business owners find it saves time and reduces mistakes, especially with bookkeeping, GST/HST, payroll and year-end tax filing.
What is the difference between bookkeeping and accounting?
Bookkeeping is recording and organizing your financial transactions day to day. Accounting uses those records to prepare financial statements, file taxes and help you make decisions.
Can you help me if I'm just starting a business?
Yes. Starting with good records and the right registrations makes everything easier later. We can help you set things up properly from the beginning.
Bookkeeping
How long should I keep my business records?
The CRA generally requires you to keep business records and supporting documents for six years from the end of the tax year they relate to.
How often should my bookkeeping be done?
Many businesses do bookkeeping monthly. Busier businesses may need it more often. We'll recommend a schedule that fits your volume.
Payroll
When are payroll remittances due?
It depends on your remitter type. Most small employers are regular remitters, and their source deductions are due to the CRA by the 15th of the month after the employees were paid.
When are T4 slips due?
T4 slips must be given to employees and filed with the CRA by the last day of February following the calendar year.
GST/HST
When do I have to register for GST/HST?
Generally, once your taxable sales exceed $30,000 in a single calendar quarter or over four consecutive calendar quarters. Below that threshold, registration is optional.
How often do I file GST/HST returns?
It depends on your assigned reporting period: monthly, quarterly or annually. Your filing deadline depends on that period.
Working With V2
Do I need to meet in person?
No. We work with clients remotely across Canada by phone, email and video, so you can get help wherever you are.
How do I send you my tax documents?
Not through this website. Once you get started, we'll give you a secure way to share your documents. Please don't send your SIN, banking details or tax documents by email or WhatsApp.
How much does it cost?
It depends on your situation and what you need. We'll talk about fees with you before any work begins.
How do I get in touch?
Call 639-318-6125, email info@v2tax.com, message us on WhatsApp, or book a consultation.
These answers are general information, not advice for your specific situation. Tax rules and deadlines can change, so talk to us before making decisions.
Still have a question?
We're happy to help. Ask us directly.