Canada GST Guide for BusinessesValue Added Tax (VAT), known as Goods and Services Tax (GST) in Canada, was implemented in 1991 by the Federal Canadian Government. The legal basis of the GST in Canada is the Excise Tax Act (GST Act)....
If you prefer to file on paper, this guide can show you how to do just that. Helpful Videos We’ve also put together a selection of helpful videos to answer some of your most common, tax-related questions. How do I manage capital gains?
The official name for it is Form RC243, Tax-Free Savings Account (TFSA) Return. When you file your annual tax return, be sure to submit this form as well. There are some general TFSA rules you need to stick to: Stick to your annual TFSA contribution limit. Your TFSA contribution limit...
🤓 Nerdy Tip: The RRSP contribution limit is sometimes referred to as the RRSP deduction limit because it’s the maximum amount you can claim as a deduction on your tax return. Note that opening a spousal RRSP does not give you additional contribution room. If you add funds to a spousa...
tax attorney Max Reed to co-author A Tax Guide for American Citizens in Canada. Their clear language and examples provide step-by-step guidance for all U.S. citizens living in Canada, walking the taxpayer line-by-line through the process of filing a U.S. return. Failure to file the ...
The way the OAS clawback is calculated is based on the net income you reported on your tax return for the previous calendar year. That said, if you know that your income for the current calendar year is going to be substantially less than the prior year, you can use a T1213(OAS) for...
Definition and Guide Independent contractor taxes FAQ How do independent contractors calculate taxable income? Your taxable income—an amount used to determine how much you owe in income taxes—as a self-employed person is based on the earnings you made from your services, minus tax credits and ...
A pre-assessment review is a pretty standard practice conducted by the CRA after you file your tax return. It'll happen before the official assessment. During this process, the CRA scrutinizes your return for any discrepancies or missing information to make sure your return looks correct. If th...
Partnership.This is only for multi-member LLCs, and it’s another pass-through entity: The business’s profits are reported on each partner’s individual tax return, and each pays personal income tax on their disbursement. C corporation.This can be a single-member LLC, or a multi-member ...
Canada imposes corporate and personal income tax on its residents (including Canadian subsidiaries of foreign entities) in respect of income and capital gains earned anywhere in the world. Federal income tax is imposed under the Income Tax Act (ITA).