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| *The Commerce Journal>>>Canada Taxes |
How to pay income tax? |
I have no idea how taxes work. and i am new to canada(arrived on march-2007). i live in toronto downtown. i earn 400CAD per day. 1) how to pay the tax? 2) do you any good tax consultatnts in toronto downtown area? 3) how can i reduce my tax 4) what is tax returns? 5) when should i pay 6) can i pay in online? 1) how to pay the tax? - Electronically You can electronically using your bank's Internet or telephone banking services. - At the bank You can make your payment at your bank in Canada. You bring to the bank your completed remittance voucher (included in your personalized tax package) or Form T7DR(A) sent to you by CRA (Canada Revenue Agency). - Cheque or Money Order You send a cheque or money order with your paper tax return to "Receiver General". Your cheque or money order must be received and dated before April 30th. Mail your tax return and your payment to: Canada Revenue Agency 875 Heron Road Ottawa, ON K1A 1B1 - Pay by instalments You do not choose to pay by instalments. If your primary source of income is employment income, you probably won't have to pay in instalments in future years. However, if your net tax owing is more than $2000 in either the current year or one of the 2 preceeding years, you will have to make quarterly instalments. (March 15th, June 15th, Sept. 15th and Dec 15th) 2) do you know any good tax consultants in toronto downtown area? sorry, i'm not from toronto 3) how can i reduce my tax You can invest in RRSP (Registered Retirement Savings Plan). RRSP is a tax deferral system. It reduces your income today and increases it in the future when you take out the money. This year and next year you will not be allowed to contribute to the RRSP since you were not in Canada throughout 2007. However, once you start contributing to RRSPs, you must be careful to not exceed your yearly limit which will be shown on your contribution assessment sent to you by CRA after you file your tax return. RRSP can also be taken out tax-free to finance the purchase of a house that will be occupied by you. 4) what is tax returns? The tax form to file an income tax return for an individual is called a T1. On a tax return, your income (employment, business, rent, interest, dividends,...) increases your taxes to pay and certain eligible expenses and credits (eg. RRSP, child care, tuition fees, donations, medical expenses and other eligible expenses and credits) decrease your taxes owing. In January or February, your will receive a T4 slip by your employer to include in your tax return. You will also receive slips from your bank if your earned interest. You must keep and include the slips and the receipts for the expenses claimed on your tax return. 5) when should i pay For taxation year ending Dec 31st, 2007, you must pay by April 30th, 2008. Every year, you will have to pay by April 30th. If you are a late filer, you will have to pay interest and penalties. 6) can i pay in online? You can pay online through your bank's Internet banking service. A few other comments on your situation: - For 2007, you will pay taxes in Canada for March 2007 to December 31, 2007 on your worldwide income. If you earned dividends, interest, rent or any other type of income from another country you will have to pay taxes on it in Canada. |
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