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Frequently Asked Questions

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Taxes

  • Pay through your online financial institutions
  • Use CRA my payment service
  • Set up a pre-authorized debit agreement with CRA My Account
  • Contact CRA if you can’t pay the full amount owing by setting up installments

Click here for more info: https://www.canada.ca/en/revenue-agency/services/payments-cra.html

CRA “My Accounts” or “My Business Account” is a secure online portal that allows taxpayers to view their tax related information online such as notice of assessment (NOA), benefits allocation, balance owing, notifications form CRA and much more.

For more information visit https://www.canada.ca/en/revenue-agency.html 

All newcomers to Canada have to produce an “immigrant tax return”. This allows CRA to determine the benefits that newcomers are entitled to receive, if any. It is also useful in calculating the TFSA contribution room available, which begins in the year you arrive. Failure to file an “immigrant tax return” will show the wrong TFSA contribution room on your CRA “My account” which may lead to over-contribution and penalties.

Taxes deadlines

  • April 30th is the deadline to file and pay your taxes. (Or the next business day if April 30 fall during a weekend).
  • Self-employed have until June 15th to file a tax return, however April 30th is the due day to pay their taxes.

Instalments due dates

  • March 15
  • June 15
  • September 15
  • December 15    

RRSP Deadline

You have the first 60 days of the year to make an RRSP contribution for the past year. Which normally falls on March 1st (Weekends may affect this date).

Insurance

Life insurance protects your family by providing benefits in the event of death. It will help your beneficiary with the cost of the estate, mortgage, funeral expenses and much more.

Life insurance provides financial support to your family when you are no longer there.

The younger and healthier you are the more economical the insurance premium will be, as the price of insurance is determined by your gender, age, health and smoking status. You may have the same health condition in a few years, but for sure you will not be the same age.

This depends on several points, such as your assets and liabilities, do you need to cover a mortgage, funeral expenses, estate expenses, final taxes or simply to protect your families’ future and ensure they have enough after you have departed on your new journey.

How much do you need to ensure your family can pay the regular bills, such as daycare, mortgage, future education for your children and much more. Life can be different for your family, it can be the difference between your children going to university or not, or your surviving spouse having to pay off the mortgage or having to sell the house.

Yes. However, we can secure an insurance policy today to cover the mortgage you will have in 5 years, at today’s price.

Wealth Management

A Mutual Fund Dealer is a financial institution allowed to sell mutual funds from any mutual fund companies. Also, a Mutual fund Dealer permits Financial Advisors to deal with Mutual funds, as Advisor have to be registered with a Dealer.

Yes. Each mutual fund has a fee as they come with a team of professional money managers. You should not only focus on lower fees when it comes time to invest, as sometimes lower fees mean lower returns. However, sometimes higher fees do not mean higher returns. For that reason, a professional financial advisor can help you increase your overall return on investment.

With today’s volatility, having a minimum time horizon of 5 years would be a good strategy. Anything less than 5 years may bear higher risk, and perhaps a safer investment strategy should be taken into consideration.

The best way to invest is to set up an appointment with your FORTAX advisor to review your financial situation to set up financial goals. We always recommend to set up monthly contributions to benefit from “Dollar cost averaging” to increase your net-worth over time.

FORTAX has 2 secure online portals:

  • The Tax Portal
    Where you will find your tax returns and all tax related documents and where you can upload your tax documents from the comfort of your home.

  • The Investment Portal
    Where you will have access to your Investment portfolio.

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