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There are a number of types of income that are not taxed. These amounts do not have to be reported as income on your tax return. 1. Any GST/HST credit and Canada child benefit payments, including amounts from related provincial or territorial programs;2. Child assistance payments and the supplement for handicapped children paid by the province of Quebec;3. Compensation received from a province or territory if you were a victim of a criminal act or motor vehicle accident;4. Most lottery winnings;5. Most gifts and inheritances;6. Amounts paid by Canada or an allied country for disability or death due to war service;7....
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What are the types of income you MUST report on your tax return?There are 4 general types of income that you must report on your tax return. 1. Employment and self-employment income: You are required to report income related to your employment and self-employment. This includes commissions, foreign income and other employment income not shown on your T4 such as tips and gratuities. . 2. Pension and savings plans income: You are required to report all your pension and savings plan income including income from old age security pension, CPP and RRSP. 3. Investment income: You must report your investment income...
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It’s been exactly 3 days since the filing due date for most income tax returns (Most tax returns because for the self-employed, they have until June 15th but … more on that later). And if you have not filed your income tax return for the 2017 tax year, you could be in trouble of piling on more tax debt (if you owe taxes) as the CRA will charge a late-filing penalty. Yes, there is a late-filing penalty if you fail to file a return on time and owe tax for 2017. The penalty is 5% of your 2017 balance owing, plus...
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Here are some of the important things you need to know this tax filing season. April 30, 2018: Most Canadian income tax and benefit returns for the tax year 2017 are due on April 30, 2018. June 15, 2018: If you or your spouse or common-law partner is self-employed, you have until June 15, 2018 to file your income tax returns. Express NOA: Tax preparers using certified tax software will be able to print a notice of assessment right after filing. Canada Post outlets: Canadians can now make in-person payments using cash or debit card at any Canada Post outlet. Extended...
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