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Apr
25

Your Canadian Residency Status Affects Your Tax Liability

Your tax liability is based on your status as a resident or non-resident of Canada based on Canada’s tax system.  Residency must first be established before your liability for income tax is determined.Determining your residency status can only be made after all factors have been reviewed.  The entirety of your circumstances must be evaluated in order to accurately establish your residency status in Canada.The major factor in establishing your residency status in Canada depends on your residential ties.  Residential ties can include: A home in Canada A spouse or common-law partner or dependents in Canada Personal property in Canada such as...
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Apr
20

Why Do You Have to File Your Tax Return on Time?

We have less than 2 weeks before the deadline to file our Personal Income Tax Returns.  As tax professionals, we cannot stress enough the importance of filing your tax returns on time and, if you owe the CRA, pay on time as well.So why is it important to file and pay on time? First of all, if you file your tax on time, your benefits and credit payments such as GST/HST credit and the Canada Child Tax Benefit, will be paid to you on time and will not be delayed. Secondly, if you owe tax and don’t file your tax return...
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Apr
15

Tax Facts and Numbers 2011

Here are a few interesting facts about income tax in Canada.  These numbers were taken from Statistics Canada’s annual “Income tax . . . by the numbers” and are meant to give taxpayers an general overview about income tax in Canada.Online tax filing 3.7 million – The number of taxpayers who file their income tax returns online from home (also known as netfile) in 2009.  This was up from 3.1 million in 2007.Personal taxes 20% - The proportion of the average household’s budget in 2009 that was spent on taxes (including federal and provincial income and payroll taxes as well as...
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Apr
11

Are You Eligible for the Canada Child Tax Benefit (CCTB)?

The Canada Child Tax Benefit or CCTB is a non-taxable amount paid monthly to help eligible families with the cost of raising children under 18 years of age.You are eligible to receive the CCTB if you meet ALL of the following conditions: Your child must be under 18 years old You must live with the child You must be the primary responsible person for the care and upbringing of the child.  If the child does not reside with you all the time, you are still eligible under the shared eligibility condition You must be a resident of Canada You or your...
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