If you sell your business, chances are you’ll make some money. Now normally you’d have to pay taxes on any income you make, including that from the sale of a business. But there’s a tax tool that stops you from having to pay taxes on all or part of the profit you gain. And this tool is called the Lifetime Capital Gains Exemption (LCGE).
The disability tax credit is a non-refundable credit for individuals with disabilities and those supporting them. It reduces that amount of income tax the taxpayer has to pay during tax season. The intention of the tax credit is to help offset the increased disability costs that some Canadians must pay.
During 2020, the government of Canada implemented a number of programs to help support Canadians. As a result, many Canadians will have received a T4A slip for the various benefits they received. This slip will show the amount of benefits you received from the various programs and must be reported on your 2020 Income Tax Return.
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:
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