More Canadians are seeing the benefits of filing their tax returns online. Some of the reasons include ease, convenience as well as efficiency, no small feat for the tax filing software available in Canada. 84% of Canadians filed their taxes electronically in 2016 and the number keeps on growing. Before you find out the best …
The T1 General Tax Form or T1, also known as the Income Tax and Benefit Return, is an eight-page form used in Canada by taxpayers to file their income tax returns. It can be likened to a summary of all other tax forms. It features your total income, your net income, your tax payable, your deductions, your non-refundable credits, and …
Hate it or love it, income tax remains a huge source of revenue for the Canadian government like many other governments around the world. It is also the primary source of revenue for all of Canada’s provinces and territories. However, the jewel in the crown is the personal income tax, which brings in triple the …
While it is possible to file your taxes online, it isn’t for everyone. Make sure you check out the CRA’s restriction list before you begin. Without further ado, these are the steps to file your taxes online in Canada. How to File Taxes in Canada CRA Access As a Canadian taxpayer, the first step to …
The 30th of April is a significant day in the life of most Canadians. It is the last day for them to file their taxes. Failure to do so could bring about dire consequences. There are many reasons you can fail to file your taxes, most of which may not be intentional. For instance, you …
What Happens if You Don’t File Your Taxes in Canada? Read More »
Income tax is a tax levied on individual income earners, organisations or corporations, by the government within their jurisdiction, in conformity with the income or profits generated by them. Income tax can come from wages, salaries, dividends, winnings, interests, rents, pensions, commissions, alimony, royalties, profits, capital gains, etc within a given tax year. The income …
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