Tax Filing Canada
I came to canada on work permit and started work in January 2008 do I need to file income tax canada ?
Ignore the answer above. Like so many answers in this category, it involves US tax law. not Canadian law.
You will of course have to file a Canadian tax return. but Canada's tax year runs from January to December, with final returns due by April 30 of the following year. Therefore, you will file NEXT year on this income earned in 2008.
I'd advise you to find a decent tax lawyer to handle your affairs, which, if simple, won't cost a lot. But you have lots of time to do that for 2008 taxes due in April 2009.
i have made about 24000 in alberta canada with income tax deducted about 4800 and am filing in prince edward i?
Very hard to say since you don't say your age or if you are married, single, etc.
You can use this handy tax calculator ,
In sections 16+17 I would surmise you're a resident for tax purposes. Though under section 20, you could argue you're a non-resident since you were in the country for less than 183 days in 2007.
Can you use telefile?If your return is not complicated you can just call it in.I did and got my refund already.
In Canada. can you get into trouble for not filing a tax return, even if you owe nothing?
If you receive a demand to file from them, then yes. Otherwise, no, as you weren't required to file.
I live in Toronto, Ontario, Canada and was wondering what is the penalty for filing your income tax late?
Hi Mike, I live in Ontario, too, and regardless of where you reside in Canada, the rules are the same for everyone.
If you owed money on your 2006 income tax return and didn't file it by April 30, 2007, you will definitely be assessed a minimum 5% late filing penalty based on the outstanding balance owing.
Even if you didn't have the money to pay CRA what you owed, you could have avoided the penalty simply by filing your tax return by the due date.
In addition to the penalty on your 2006 tax return, interest is charged to your outstanding balance as of
April 30, 2007 at a perscribed rate of 9% per annum, as per CRA's website:
There is also a 1% penalty (minimum) per month on the late filed return.
You could have easily avoided the penalties, interest, etc, had you paid the amount owing to CRA by April 30, 2007, even if you hadn't actually sent out your 2006 tax return.
I would strongly recommending sending your income tax return out ASAP, by Canada Express Post (I suggest you get a signature, too), it costs $9.00 to do this from Toronto.
I would also enclose a cheque payable to CRA for an amount HIGHER than what you actually owe, so that you cover off the added interest and late charges.
Assuming that you pay this outstanding balance by May 10, 2007, you would have to pay at least the $73.00 that you owe, plus $3.65 (5% late penalty filing) plus about $.19 interest.
If you need the mailing address for your 2006 tax return, it is:
CANADA REVENUE AGENCY
1050 NOTRE-DAME AVE
I hope this information helps you, and if you need further assistance, you are welcome to email me through yahoo answers.
EDIT @ 10:10 PM MAY 7, 2007
Mike, you didn't mention how you are filing your tax return, you can still make your payment electronically through your bank (via telephone) and ask your bank to designate the payment as a CRA taxation payment for the 2006 tax year. It is the date that CRA receives your payment that determines how much you actually owe for taxes, NOT the actual date that you file the return.
The penalties and interest cease to accrue effectively the date your payment is processed by CRA.
If I were you, I would pay CRA $100.00 through your bank immediately, make sure that the payment goes through your account, of course, then you can netfile your tax return, and on line 476 of your 2006 tax return, make sure you enter $100.00 for installment payments.
Then, when you netfile your tax return, you can take the option to apply your refund to your installment account. CRA will automatically calculate how much is left over from your payment of $100.00 on your 2006 tax return and apply the difference to your 2007 taxation year.
If you need assistance with how you can do this, please email me through yahoo answers, and I will be happy to assist you.