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Taxes have been imposed by governments on all citizens for a long time. Taxes play an inevitable role in human life, sometimes strangely. When you try to understand income tax it looks as clear as mud, even Einstein said that income tax was the most difficult thing to understand in the world.
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Who needs to file an income tax return? Taxes have been imposed by governments on all citizens for a long time. Taxes play an inevitable role in human life, sometimes strangely. When you try to understand income tax it looks as clear as mud, even Einstein said that income tax was the most difficult thing to understand in the world. Who should file an income tax return? If you are a Canadian citizen and earning money, you already know about CRA (Canada Revenue Agency) and its requirements for tax filing. If you are new to Canada, you may be wondering about the necessity of income tax returns Caledon, andyou may not be sure when to file your first tax return? As per CRA, most citizens require the filing of annual returns, but also some exceptions, so let’s check who is in the bracket If you are a Canadian resident you have to file annual returns to get the benefits of refund, CWB (Canada Workers benefit), credits and benefits for your spouse, Canada child benefit, credits in GST/HST, and guaranteed income supplements. If you are the legal representative of the estate for any deceased person, you need to file returns for the current year If you are making money from your property or from any business in Canada you need to file returns regardless of your residency status. Even if you are an international student studying in Canada, you are under the list of filing tax returns.
Any exemption for Age? Whether you are 8 or 80 if you meet any of the above categories, CRA expects income tax returns from you as age has no effect on tax filing. If you are a 16-year old school student running a small business and making bucks more than $3500, you are totally fit to file income tax returns in Canada. Ask experts To know more about rules and regulations enquire any accounting experts such as Castlemore, an accounting service you can trust for income tax returns Caledon Contact Thami Rajalingam Castlemore Accounting Services 251 Consumers Road Parkway Place, Suite 1200, Toronto, ON, M2J 4R3, CAN +1(416) 814-7427 info@castlemoreaccounting.ca https://www.castlemoreaccounting.ca/caledon/
