The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>Canada Taxes

What law says we actually have to submit a tax file?


What law says we actually have to submit a tax file?

The Income Tax Act, subsection 150(1). You don't actually have to file a return unless there is tax payable, or, CRA has sent you a demand under 150(2). It is often to your advantage to file even if you don't owe anything, though - sometimes you can get a refund, and you can gain RRSP room by filing.

It makes me feel better to know that you guys in Canada too. I thought the US had a monopoly on tax nuts.

Income Tax Act

Employers actually have to submit Income Tax on behalf of the employee - it determines their payroll tax.

Tags
  Spain Taxes   Singapore Taxes   Mexico Taxes   Ireland Taxes   India Taxes   Germany Taxes   Canada Taxes   Australia Taxes   Small Business   Renting & Real Estate
Related information
  • Canadian Taxes-transfering tuition amounts to mother?

    Your mother will be able to use the amounts that you can't use this year. There is no way for you to transfer amounts that you can use this year. If you don't authorize the transfer, y...

  • Is there a statute of limitations on Canadian tax debts owing?

    There is, but after 222(4) was amended in 2004, CRA basically has to leave the debt unworked for 10 years, starting from March 4, 2004. There are numerous actions they can take (or you can) that re...

  • What is the most you can claim for Education Amount (full time) for Canadian taxes?

    The education amount is actually a non-refundable tax credit, so the limit does depend somewhat on your actual income for the year(sometimes you don't need all of it to reduce your income taxe...

  • I evaded paying my income taxes because of my accountant's fraud. Can I fix the situation?

    leaving in the middle of this crisis may be percieved by the CRA as an admission of guilt. Ensure you can find a good lawyer to negotiate on your behalf with the CRA, and that the issue is resolve...

  • CDN Dollar: Is the leaping loonie good for Canada?

    As a consumer its made a lot of things cheaper for me. However if I look at my business its really hurting. The decline of the dollar has made it not worth my time to bid on jobs in the USA. W...

  • Taxable benefits?

    No medical insurance premiums paid by your employer and not considered a taxable benefit. Here's a link to a CRA document which defines taxable benefits. Its written for an audience of emp...

  • Tax return credit, sharing condo need help?

    You don't mention for which province this is. Rent credits are provincial income tax. You could make a copy of the rent receipt and write a note on it that $400 is the roommate's share...

  • Disability Income Tax in Canada?

    The amount from the private disability insurance company will be tax-free. Canada does not tax insurance pay-outs. I cannot comment on your SSDI. You might also want to look into receiving CPP...

  •  

    Commerce Categories--Copyright/IP Policy--Contact Webmaster