A PTR or Personal Tax return is an annual Tax return that is filed with a taxing authority and it reports income, expenses, and other tax information. It allows tax payers to calculate their tax liabilities, schedule tax payments, or request refunds for the over payment of taxes. Generally speaking, it is a documentation filed with a taxing authority that reports income, expenses and all the other relevant information.
In Canada, the filling of PTR annually is a mandatory requirement as tax payments must be filed according to the law of Canada. This is for everyone earning money, either from a job or from self-employed business. Late filling or no filling will result in the damage of credit history hence, it will affect any future authorization of loans, or if someone wants to purchase a house, and tax returns are not properly filed, than they will be in a spot of bother. Hence, the late filing of tax returns or non-filing is not appreciated in Canada.
MBBP offers Tax returns under MBE Accounting services that deals in all accounting services from professional filing of Tax returns to consulting how to deal with Taxes. For MBBP members the PTR is 100% free and we deal exclusively for members, as we don’t want them to go to other accountants. For non-members the charges might vary from $50-$70 variable depending on the case scenario. For non-members all our prices are online, but are variable according to the case.
MBBP members are also made aware of the dangers of late filing or no filing of PTR at all, and this is the responsibility of RMA/MBBP to give best consultation regarding the PTR service. We also can provide you with an alternative if for instance PTR by chance has been missed or lately filed, our team of experts are always there to consult, help and evaluate the circumstances and provide the best possible route. What we want especially for our members is a sound credit score, which is achieved through proper PTR filing. The benefit it gives to government are exclusive as the government knows very well who is paying them, and the frequency of payments. For e.g. for the tax filing in 2019, the 2018 taxes must be paid, and hence filed and this is how it always moves forward.
It says Personal, so definitely it’s a personal thing, but its implications of non-filing are not good for the family i.e. dependents of the filing members. It can obviously hurt many things that are interlinked in the economic credit life cycle. Helps in understanding the Canadian economy, moving forward with a good clean record will always give appreciation from the Government, and hence lots of provisions for the family. For members, MBE accounting can deliver for you and maintain your tax records in line with your future requirements, example, expansion of business services, and reduction of business, and changing anything that can radically change the tax amount.
As the risks are high for non-payments or late payments, therefore it’s important to avoid a risk situation and go for the annual filing of PTR.