Canadian tax returns are due to the CRA by April 30th, 2019. If you have not yet completed your 2018 tax return, you need to get started right away!
Preparing your Canadian 2018 Tax Return for 2019 is a process that requires 4 steps:
1. Gathering Financial Records
2. Calculating Income and Deductions 2. Completing the T1 General form and provincial/territorial schedules (if applicable) and provide supporting documents (e.g. T4 slips, RRSP contributions).
3. Submitting the completed return to the CRA before April 30th, 2019 via NETFILE or by mailing it in if filing paper copies; and finally, filing an extension if needed.
Tax Prep 101 – Getting Started with Canadian Tax Preparation
A tax return is a document that tells the government what portion of your income you are willing to give them in exchange for the various programs they provide.
The Canada Revenue Agency asks us to do this because it needs to be able to monitor its spending. It needs the money so it can provide funding for social services, defence, and many other federal government programs.
Luckily, there are many different ways that you can prepare your taxes.
A tax return is required for any individual who earned income at any time during the year, including all types of income such as employment income, interest income, self-employment income, rental or investment losses etc.
It is possible to file your taxes online via EFILE or NETFILE with a registered tax preparer or through one of the CRA’
Canadian Income Tax 101 – Filling out the Detailed Forms
Canadian Income Tax 101 – Filling out the Detailed Forms
Introduction: Canadian income taxes are considered to be significantly higher than the average income tax rates in other countries. This is because Canadians pay a higher percentage of their income on taxes than those in other countries. The income tax brackets and what you will start paying at those levels can depend on where you live, as some provinces charge an additional provincial tax on top of the federal taxes. When filling out your taxes, you may need to fill out one or more detailed forms depending on your situation and what province you live in. For this section we’ll be focusing on the Federal Return of Income (T1 General) form and its provincial equivalent if necessary.
2019 Canada Tax Brackets & Rates – What You Need to Know in a Nutshell
In Canada, taxes are a form of government revenue that funds many public services. This article explains the 2019 federal tax brackets and rates in a nutshell.
Canada uses a progressive system where high-income earners pay a higher percentage of taxes. Taxes are levied on income earned from various sources, such as employment income, investment income, and certain types of business income.
After reading this introduction, you should have an understanding of what the section is about and how it can be used for writing content on your site.