Tax Saving Experts in Mississauga BASIC INFORMATION ON CANADIAN TAXATION
General Information You are taxed on the basis of your residence and not your citizenship. Canadian residents are taxed on their worldwide income. New permanent residents are allowed for offshore trusts. There are no estate duties or succession duties in Canada.
Who collects the taxes in Canada? Federal taxes are collected by the Canada Revenue Agency, formerly known as “Revenue Canada” or the “Canada Customs and Revenue Agency”. The CRA collects and remits to the provinces: Provincial personal income taxes on behalf of all provinces except Quebec. Corporate taxes on behalf of all provinces except Quebec and Alberta.
What are Tax Obligations and claims in Canada? You must report “world income” (income from all sources both inside and outside Canada) on your Canadian income tax return. You must ensure that you pay the correct amount of taxes according to the law . You have the right and responsibility to verify your income tax status each year. You can claim all deductions, non-refundable tax credits, and refundable federal, provincial, or territorial credits that apply to you.
Are there any tax benefits and credits? As a newcomer to Canada, you may be eligible for The Canada Child Tax Benefit (CCTB), The goods and services/harmonized sales tax (GST/HST) credit, The Universal Child Care Benefit (UCCB)
Registered Retirement Savings Plan (RRSP) Another popular way to save for your retirement and defer taxes is a Registered Retirement Savings Plan (RRSP), which are registered with the federal government. In this way, you can add to the money you will receive from pensions and federal old-age benefits. For more information about RRSPs .
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