Wednesday, February 18, 2009

Tax Return Facts in Canada



As some of you might know, nowadays is the time for filing your Income Tax Return (which is An official document that income tax payers are required to complete to state income amounts, deductions, contributions and related financial information for tax purposes.).

So here is some Tax Facts that you need to know to help you file your Income Tax Return:


  1. The due date for income tax returns filed with the Canada Revenue Agency is April 30.

  2. Tax returns can be filed in person or online using NetFile (for use by individuals) or eFile (for use by professional tax preparers).

  3. Filing on time is very important as penalties will be applied to any taxes you owe.

  4. If you or your spouse is filling self-employed income, you have until June 15 to file your return: but you still have to pay any taxes due by April 30 or interest will be charged.

  5. If you are an employee, you will receive a T4 slip from your employer by the end of February at the latest.

  6. Most banks will also have sent you your T5 slips by then, which report all interest earnings you may have made on your investment and bank accounts. If you did not receive more than- $50 in interest income, you may not receive a T5 slip so don’t get worried if that is the case.

  7. T3 slips do not have to be sent to you until March 31 and thus are usually the last to arrive. These slips record the amount of income you have received from mutual funds and other trust accounts.

  8. Receipts for donations made in 2008 can be claimed on your 2008 return if you have an official receipt.

  9. Canadian sax laws and exemptions are constantly changing. So, ask your tax advisor for help on new deductions and rues.

Hope that's helpful :) and good luck.
Nabil

3 comments:

Tariq said...

Nabil, your information is excellent. We are a family of 3 adults, first landed on 7th March 2007, and returning now again in June 2009. Would like to know what is the maximum adisable amount of funds one can bring?

Nabil Orfali said...

Hi Tarik,

Be prepared to stay without a job for around 6 month as average, and could last for few years (at least wihtout a job in your profession). However, you can always take survival jobs (like Pizza Delivery, Tim Hortons etc ..) but my personal advise is always "Job Search is your full time job".

Anyway, as a family of three you would need around $2500 per month. Check the details of cost of living in Canada at http://www.immigrationexpertise.com/2008/09/cost-of-living.html

Good luck,
Nabil

Anonymous said...

well i live in india, i left canada 3 years ago, they didnt stamp my passport with exit stamp. somehow i managed to skip the entry stamp at indian airport. now i have opportunity to have a stamp with recent date of entry. will it work if i go back. i can apply for citizenship, my passport will show 3 years stay in canada. if they dont stamp passport with exit stamp, how they have record of people leaving canada ?

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