Every Canadian and foreigners who live in the country for more than 183 calendar days and makes a profit here, are obliged to pay taxes and submit annual reports. The basic principle of the tax system is that each tax agent must be responsible and accountable for the profits received and taxes paid. To do this, there is a personal tax return in Canada that includes the following information:
- the amount of income received for the year;
- available benefits (if any);
- a request for compensation for the amount of taxes paid (if there are grounds for this).
Before filing a tax return, everyone who has already done this before receives a special notification from the CRA. Among other things, it includes:
- contact details in case the taxpayer has any questions;
- basic information on filling out and filing tax returns;
- information on the taxpayer.
CRA accepts tax returns from February 18th to April 30th. If the agency does not receive it within the allotted time, then the state authorities can hold the taxpayer accountable for this. Extension of the deadline for filing tax returns is only allowed for self-employed persons. They can submit reports until June 15, but even they are required to pay taxes by April 30.
How to find a tax return
Each province has its own tax return form to fill out and submit. It is quite easy to find the required forms on the official CRA website, download them, fill them out and submit them to the tax office. But it can be difficult to take into account and correctly indicate all the details in the tax return. And if you do not want to accidentally make a mistake, then it is better to contact tax companies in Canada.
This option is very useful, given that the CRA fines 100 CAD for the slightest inaccuracy in a tax return. In addition, taxation services are quite cheap, and specialists take into account the specifics of each case. This means that a person whose tax return is easy to prepare will have to pay about 25 CAD. If a company, for example, sells products to the United States market, a qualified US tax accountant will demand a higher payment for obvious reasons.
