As per the Government of Canada, for the most part, people living in Canada can determine their final tax obligation by completing an income tax return and sending it to the Canada Revenue Agency (CRA).
On the tax return, you list your earnings and deductions, calculate federal and provincial or territorial tax, and decide whether you have a balance of tax owing for the year. On the other hand, you may find you’re entitled to a refund based on the tax deducted from your income during the year. Here is a small guideline from SDG Accountant (A Toronto based Accounting Firm) outlining who must file a Canadian Tax Return... [read more]