Income tax in Canada is duly administered by Canada Revenue-Agency. The time period taken into account is between January 1 and December 31 of a financial year. In case you owe personal income tax, you have to pay on time. Late submission is accepted by the tax authority, but it may be subject to penalty.
In case, you are employed in Canada, taxes will be deducted from your salary account and will be sent to the Canada Revenue-Agency.
To avoid any mistakes in the calculations, you are required to fill in a form called TD-1. The employer deducts amount for Canadian Pension-Plan or Employment Insurance. You yourself are liable to determine the personal income tax. Also, paying the exact amount becomes very essential. You may ask for help from a renowned tax consultant in Toronto.
To file Canadian tax-return, you will need either of the two:
For the application of an SIN, you need to have work permit. That is a primary pre-requisite. In case, you’re a student, you require an official statement to be working on and off the campus.
Say, you aren’t eligible for SIN; you could apply for Individual Tax-Number (ITN).This becomes especially important when you’re a student thriving on scholarships.
There are innumerable tax consultation services in Toronto to extend a helping hand.
In case, you’re a regular employee, an account of income & deduction is very important. Tax forms are made available for the general public across the post offices in Canada.
You might be eligible for some deductibles from your salary account. Moving expenditure like conveyance, travel or even temporary accommodation facilities are considered deductibles. It is advisable to save the receipts of such expenditure for future use. Nevertheless, moving expenses cannot be deducted if you’re a student thriving on scholarships. You will enjoy a total exemption.
Online: Several web portals in Canada have been devised for electronic tax filing option. The income-tax is transferred to the Revenue Agency of Canada.
You may fill-in a form and submit your calculated return manually. In case you land any difficulty, consult a Canadian tax consulting service.
Post the submission, mail the e-return to the International Tax Service office. The Return Processing Division will look after your tax deductions with precision and accuracy.
Filing return isn’t difficult at all. Just follow the guidelines and get going. In case you land a difficulty, consult a personal tax consultant in Toronto.
The Accounting and Tax