As thousands of new Canadians settle into Canada, among the many things that they'll need to take into consideration are their tax obligations. The Canada Revenue Agency provides in-depth resources for New Canadians to learn more about our tax system, and their filing requirements.
In Canada, our system is unique to the individual, and tax obligations are based on each person's allowable deductions and credits. Knowing what to include is often difficult for filers because, across Canada, confusion about taxes persists. Knowing how influential taxes were in the election, let's make sure we understand what is out there and available.
Albert Einstein once said, "The hardest thing in the world to understand is income taxes." -- you can rest assured that it is not a simple subject. Taxpayers are expected to understand it well enough to be able to make good decisions about our own financial situation. But if understanding basic income tax isn't enough of a headache, the taxes on investment earnings (such as in your RRSP) represent a whole new territory.
While the Child Tax Credit was a nice boost for parents at tax time, you had to have earned enough income to benefit from it. As a non-refundable credit, it meant you had to have paid tax during the year in order to claim it. So a low income family may not have been able to take advantage of the credit. They did not actually benefit from it. This will not be an issue with the enhanced UCCB.
"Everyone in this House agrees that this $36 million tax grab on women is unfair."
"This is an non-optional tax that's borne by only half the population"
The Harper Conservatives have done a lot of damage to Canada. It has been the proverbial death by a thousand cuts: health transfers, aboriginal education and health, child care, social and co-op housing. The list goes on. It has increased stress on ordinary Canadians and created a huge social, economic and environmental deficit. And it has increased unemployment and harmed economic growth. The big question will be: Can damage be undone without raising taxes on 90 per cent of middle and lower income Canadians? The answer is yes.
The Canada Revenue Agency is demanding thousands of dollars from a B.C. senior, who suffers from dementia and Parkinson's
No one really thinks we should abolish all taxes. After all, how would governments fund important public services that form
You survived the debt temptations of the holiday season, achieved your personal best in RSP contributions and only had to pay a small amount in additional taxes for the last year. Now you can relax until the whole headache starts again in a few months. But what if you could avoid the hassle by setting up a plan that could help reduce your next end-of-year tax bill?