Canada Revenue Agency Income Tax Tax Fraud
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US Citizens In Canada Must File US Tax Returns
Emptying the Tax Payer
The US tax law determines that all individuals holding US citizenship are required to file annual income tax returns with the Internal Revenue Service (IRS). In addition, Canadian financial institutions are required to report to the IRS all accounts held by US citizens in 2013. The reason being, US wants to get the maximum tax it can collect from its citizens.
If you are a US citizen or green card holder, you must report your worldwide income to IRS or risk heavy penalties, it does not matter if you live in the USA or not.
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Canada Revenue Agency Income Tax: Tax Payer
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CRA Computer Glitch Carrying Forward Capital Loss of a Deceased Tax Payer
Taxes after Death
In years other than the year of death, capital losses may only be deducted against capital gains in the year, the prior three years, or subsequent years. In the year of death, S.111 (2) allows capital losses from the current year and capital losses carried forward from previous years to be applied to reduce any type of income.
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Income Tax
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You Have to Pay TAX, Even If You Are Unemployed
Must Pay Tax
If someone is expressing surprise to owe taxes after receiving EI, are certainly not aware of the Canada’s tax policy.
EI insurance payments are mostly about $800 per two weeks and depending on your family situation, you might not owe any taxes in each pay period. But when you add that up for 30 weeks, your gross income exceeds your personal exemption amount and the income become taxable. Usually, EI recipients think their income is so low, they need all the money to pay bills and survive and request for exemption from source deduction to Service Canada. Some EI recipients also need to supplement their EI income with part time jobs. Earnings from part time job, is also 100% taxable. Then again, per paycheck amount might not be large enough for source deduction, but they reach the taxable threshold amount when you count the annual income.
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BC Province Canada Revenue Agency HST Income Tax: Canada CRA Income Tax
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How to Read Notice of Assessment and Reply to Request for Documents
Canadians tax filing deadline has passed on April 30th, 2011. And if you are one of those who have filed their tax return on time, you have probably got back your refund or if you owed taxes, paid your tax bill by now, to avoid penalties and interest.
You also probably got a Notice of Assessment from Canada Revenue Agency, explaining, how much carry forward you have for the next tax year and what is your TFSA and RRSP contribution limits for the next tax year. NOA is a very important document for you to understand and keep in file. If you do not agree with the NOA, you must file your objection in due time. If you fail to file your objection to CRA’s NOA, by law you are obligated to abide by the NOA information and data. Get help of your Tax Advisor to understand your NOA.
If your tax return was a bit complicated and you have lots of medical, tuition expense, business loss, etc., CRA will not send you a NOA. CRA will send you a 4 to 9 page letter, requesting supporting/additional documents to support your deduction claims. This letter is usually sent from CRA’s preassessment review section.
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Canada Revenue Agency Income Tax
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Your Income Tax Return During Canada Post Strike
There are tax deadlines coming for Self Employed tax payers and also for many corporations, with December 31, 2010 fiscal year end.
Canada Post Strike will affect tax filing processes across the nation for those with upcoming tax deadlines, which small businesses and corporations have to meet in spite of the strike, according to CRA.
Beside taxes, businesses will have to file payroll deduction and GST/HST return within their respective time period.
Canada Post in a statement said that they will deliver mail to the CRA during the strike, except for cities affected by the rolling walk-outs. With that, CRA also said that any tax returns or statement filing that is post marked on the filing date or earlier will be considered on time, so tax payer and businesses must make sure that they get their mail stamped by the Canada Post before their respective deadline.
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