Canadian Income Tax Return is a process where you report your income and pay taxes to the Canadian government. Every year, taxpayers are required to file their tax returns by April 30th.
Here are some things you need to know about Canadian Income Tax return:
Who needs to file a tax return in Canada?
Any individual who earns income in Canada must file a tax return. This includes Canadian residents, non-residents who earn income in Canada, and those who have investments in Canada.
What are the deadlines for filing taxes in Canada?
The deadline for filing taxes in Canada is April 30th. If you owe taxes, the payment deadline is also April 30th.
What documents do you need to file your tax return?
You will need documents such as T4s, T5s, and other income tax slips. You may also need receipts for deductions such as medical expenses, charitable donations, and childcare expenses.
What are the penalties for late filing or non-filing of taxes in Canada?
If you file your tax return late or do not file at all, you may face penalties and interest charges. The penalty for late filing is 5% of the balance owing plus 1% for each month the return is late, up to a maximum of 12 months.
How can you file your tax return?
There are multiple ways of filing a tax return. Yet, we recommend to always work with professionals such as the FORTAX, to avoid costly penalties and ensure you receive all the benefits you are entitled to.
What are the benefits of filing taxes in Canada?
Filing taxes in Canada is important because it allows you to receive benefits such as the Canada Child Benefit, GST/HST credit, and other tax credits and deductions. It also helps to ensure that you are complying with Canadian tax laws.
In conclusion, filing your Canadian Income Tax return can seem daunting, but with the FORTAX team by your side this will be easy. Remember filing a tax return is a necessary process to ensure you’re compliant with the law and receive the benefits you’re entitled to. FORTAX provides resources to help you file your taxes accurately and on time.