There’s a little-known tax savings strategy that we like to talk about every year and that is pension income splitting. It can be easily claimed, though it isn’t well highlighted in the income tax guide and can provide tax savings to seniors.
As a business owner, you have most likely registered for a GST/HST account and are required to remit a GST/HST return on a regular basis. In most cases, business owners will owe the government money. But there are some instances where businesses will receive a GST/HST refund.
When you filed your taxes in 2019, you may have noticed a NETFILE Access Code on your Notice of Assessment.
If you’ve been filing taxes for a while now, you may remember that an access code was needed to file your tax return electronically. But that’s no longer the case. To file online, you simply need your date of birth and social insurance number.
So why has the access code returned?
It may seem like an odd question to some, but there are taxpayers who aren’t sure whether they need to file a tax return in some years.
Every year, taxpayers file a tax return to calculate their tax payable and report their income to the government. This return will include an Income Tax and Benefit Return along with other forms and schedules to help itemize income and expenses and calculate credits.
There are often misconceptions about what sources of income need to be reported on tax returns in Canada. So today I want to talk about income that must be included on your tax return and income you don’t have to report.
Amounts Included In Income
Here is a listing of many of the incomes you’ll be required to report:
Unlike other countries, Canada uses residency instead of citizenship to determine tax obligations. That means you need to know what your residency status is before you can determine what your filing requirements are.
From a tax perspective, individuals in Canada fall into one of three categories.
Koroll & Company welcomed Michael Falcone, CPA, CGA, LPA to the company in February, 2021. We are excited to share the announcement with you, and to introduce you to Michael, a most valued new member of our team.
