Frequently Asked Questions
Taxes can be confusing. Here are some of the most common questions clients ask us. Don’t see your question here? Email us and we’ll be happy to help.
Is there a penalty for filing taxes late?
Yes. If you owe taxes and file your return late, the CRA generally charges a late-filing penalty of:
- 5% of the balance owing, plus
- 1% of the balance owing for each full month the return is late, up to 12 months.
Interest also applies to unpaid balances. Higher penalties may apply in some cases if you have repeatedly filed late.
How long does it take to get my refund?
CRA generally aims to process electronically filed returns within about two weeks and paper-filed returns within about eight weeks.
Processing may take longer if your return is selected for review, filed after the deadline, or requires additional information.
What if I’m missing some tax slips or documents?
If you authorize Greystone to access your CRA information, we can often retrieve tax slips that have already been reported to CRA.
If important information is still missing, we may recommend obtaining it before filing to help avoid errors, delays, or reassessments.
Why don’t you offer instant cash-back like some large tax preparation companies?
Instant refund or cash-back services may deduct a percentage of your refund in exchange for paying you sooner.
With Greystone, your tax preparation fee is charged separately, so we do not take a percentage of the refund you receive.
Why is payment due before my return is filed?
Tax preparation fees are due before electronic filing. This allows us to keep our rates transparent and consistent and ensures your return is fully completed and approved before it is submitted to CRA.
Can I get a copy of my return?
Absolutely.
- Electronic (PDF) copy – Included at no additional charge once your invoice is paid.
- Printed copy – $10, including printing, preparation, and mailing if required.
Your return summary will also include key income, deductions, credits, and benefit information.
How are rental properties priced?
Rental income usually requires additional reporting, including Form T776, so returns with rental income are charged at our small business/self-employment rate.
Multiple rental properties, short-term rentals such as Airbnb, or more complex situations may require a custom quote.
I’m a truck driver — am I self-employed?
It depends on your working relationship.
- If you receive a T4, you generally report employment income.
- If you operate independently and earn business income, your return may require self-employment reporting.
Owning or leasing a truck does not automatically determine whether you are self-employed. If you’re unsure, we can review your situation and help determine the appropriate tax treatment.
Do you file returns for previous years?
Yes. We regularly prepare prior-year and catch-up returns. Let us know how many years you are behind and we’ll help you get current.
Can you help if I live outside Canada?
Yes. Depending on your circumstances, we can assist with:
- Non-residents with Canadian rental or property income
- Canadians living abroad
- Section 216 and Section 217 elections
Contact us with the details of your situation and we’ll let you know how we can help.
What do I need to get started?
Depending on your situation, you may need:
- Tax slips such as T4, T5, T4A, T2202, and others
- Receipts for medical expenses, donations, tuition, childcare, and other deductions or credits
- Rent or property tax information, where applicable
- Business or rental income and expense records, if applicable
- Banking information if you need to update or establish direct deposit with CRA
We can provide a checklist based on your particular tax situation so you know exactly what to gather before we begin.