INCOME TAX IN CANADA

By Oksana Madera | Thursday, February 9, 2017

It is no secret that in Canada the filing of tax returns is the usual thing. Perhaps, you will not be surprised with the information in this article, but it is worth to remember and know it.
According to Tax Law, the tax return filed by a person who is a resident. He considers the resident if he lives in Canada for more than 183 days and/ or the center of his life is here.
A resident has to pay tax on all his income that he gets in and outside of Canada. At the time, as non-residents pay taxes only on income earned in Canada: wages, income from business or rental, and more.
The individual tax return has to be filed by April 30 next year. If you have income from a business, the deadline is extended until 15 June. However, if you have debt, you have to pay it by April 30. Otherwise, the penal measures can be applied to you.
Tax return for individuals applied for the past calendar year. At that time, as an organization registered in Canada, have the right to choose their tax year. In this case, a declaration should be filed no later than six months after the fiscal year end.
An erroneous opinion that the tax return in Canada has to be applied by everyone. This is not true. You must file a tax return if you have to pay taxes if you have business income and more.
In any cases worth to file income tax return, even if you do not have to. Remember, you will not receive a refund or social benefits and privileges that are usually accrued on the income of the previous year without filing your return.