Tax slips are prepared by your employer, payer or administrator. Expect to receive most of your slips and receipts by the end of February. As for T3 and T5013 slips, these will be sent out before the end of March. If you have not received your tax slips by the date mentioned above or have misplaced a slip for the current year, you will have to ask your employer or the issuer of the slip for a copy. You can also get a copy on the CRA’s My Account for Individuals service (if you are registered for this service). If you...
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Here are the Federal Tax Rates for 2018: - 15% on the first $46,605 of taxable income,- 20.5% on the next $46,603 of taxable income (on the portion of taxable income over $46,605 up to $93,208),- 26% on the next $51,281 of taxable income (on the portion of taxable income over $93,208 up to $144,489),- 29% on the next $61,353 of taxable income (on the portion of taxable income over $144,489 up to $205,842),- 33% of taxable income over $205,842. You can also find these rates on Schedule 1 of your income tax return. You will find the provincial or territorial...
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In early November of 2017, the Finance Minister announced the launch of the Government of Canada’s consultations for Budget 2018. The budget consultations allowed Canadians to provide their ideas and suggestions on how the Government can go about setting up Budget 2018 to benefit all Canadian families, communities and the country. There are a number of ways that Canadians who want to share their ideas with the Government which includes in-person and digital events with the Minister of Finance and Parliamentary Secretary Joel Lightbound, events with other Parliamentarians, and online through the budget 2018 website (www.budget.gc.ca/pbc18).In a statement published on January...
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Here are some tips on how you can get ready for the tax season. 1. Keep track of all your income: You are required to report ALL of the income you have earned for the year on your income tax return. And if you fail to report an income, there is a penalty and you could possibly end up paying so much more. So it is important, if you have several streams of income aside from the employment income reported on your T4, to keep track of all of it by keeping receipts and other related documents organized. This will ensure...
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