FAQs

Why choose MyBookly as your accountant?
MyBookly is on top of the latest accounting and financial software to help automate and organize your business’s financial statements. With the use of software, we can make managing your books and filing your taxes much more affordable and more straightforward for you to understand your statements.


Which types of businesses does MyBookly work with?
MyBookly works with multiples businesses and subsidiaries alike to provide a bespoke level of services. To know what industries we serve, click the link below.


When is the deadline to file my taxes?
To file your personal income tax returns, you have until 30th April.


When do I have to pay my personal taxes owing to the CRA?
All tax liabilities owed to the CRA on your personal taxes are due by April 30th.


What does an installment letter payment for my personal taxes mean?
The installment letters are based on last year’s assessment of your personal taxes. The payments are mandatory and will need to be made to avoid installment interest.


When can I expect my tax refund from the CRA?
CRA’s goal is to issue a notice of assessment, including any applicable refund, within two weeks of receiving your electronically filed return; or eight weeks of receiving your paper filed return. These timelines are only valid for returns received on or before their filing due dates.


How do I file my personal tax return if I don’t have all my information slips yet?
Slips are prepared by your employer, payer, or an administrator. You should have received most of your slips and receipts by the end of February. However, T3 and T5013 slips do not have to be sent before the end of March.


What is the deadline for making deductible RRSP contributions for the tax year?
The deadline for contributing to an RRSP is March 1st of the current year.


How do I file for my foreign property in my Canadian tax return?
If you own/hold foreign property with a cost of more than $100,000, you will need to file a Foreign Income Verification Form (T1135). This form can be quite complex, but our consultants are here to help.

What is an NOA?
The CRA issues a Notice of Assessment at the assessment of your filed tax return. It is to verify the information that you have filed against the records of the CRA.


What is a Notice of Re-Assessment?
The CRA issues a revised Notice of Assessment after the initial NOA. This may be due to additional or missing information that has come to the attention of the CRA, which was not reported on your initially filed personal tax return.

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