Do you have to file a return?
You need to file a tax return in Canada, if you have any world income and are residents of Canada
- One must declare taxes owed, and pay the tax on a timely basis
- You and your partner are able to split pension income
- You have received working income tax benefit advance payments
- If you have sold a property which is real estate, but from 2016 now includes your principal residence,
- If you dispose of mutual funds shares, and other investments, or you have a tax shelter etc….
- You have contributed to the CPP (Canada pension plan)
- You have drawn funds from registered retirement savings plan (RRSP) or RIF.
- You are currently paying premium for employment insurance on self employment or any other eligible earnings.
Additionally to the above requirements, you should file a return if the following apply:
- You simply want to claim a refund.
- You are willing to claim the working income tax benefit.
- You want to get the credit for the goods and services tax like sales tax. You become eligible for filing the return above 19 years of age.
- You and your partner are willing to receive the Canada Universal benefits or payments.
- You are suffering from any Non-Capital losses.
- You are willing to take ahead or transfer the unused part of your education amounts.
- You are willing to report income for which you can contribute to any RRSP and registered pension plan.
- You are leaving Canada or you are an executor for a deceased.
People are sometime confused about the information regarding filing a tax return, the biggest question which is going on in your mind might be: Is filing of income tax return an additional compliance put on taxpayers?
Simply stated, a tax return is a statement of your earnings from any and all sources of income, resulting in tax liability or not. The the deadline is set for informing the details after the end of the financial year. Although CRA have a source of data from the issuer of annual tax slips, the tax payer needs report on a comprehensive basis, by a variable deadline to aggregate the financial data of the entire year, and to report on time to the government.
Filing a tax return is not an easy task for many people, thus you may well need help from a CPA, Chartered Accountant specialising in Income taxes. We prepare tax returns all years, and frequently file 10 years or more for “delinquent” taxpayers. Many of our tax-filings are complex! But lots are prepared with one hour of work.
At MCA, we will provide you, our client, the right assistance you will require regarding tax filings, tax refunds and other financial matters. We hope we are the right choice for every financial need of yours! Our fees range accordingly with difficulty, however we mean to please on our fees and more so on the results.