Recent Changes – Tax System

In Canada, income tax is payable on the worldwide income of every person who resided in Canada at any time during the year. For provincial tax purposes,

Administration of the tax laws is based on a system of self-assessment, which means that every taxpayer is required to file an income tax return every year if:

Income tax payments are normally made by means of deductions at source for employment income or by instalments for other sources of income. Any balance owing

Every person who has to pay income tax, carries on business or makes source deductions must prepare and retain all records in respect thereof for six years

Every year, taxpayers are required to file a tax return and calculate their income taxes payable. Taxpayers who knowingly, or in circumstances amounting to culpable conduct, do not comply with the tax laws in their return run a significant risk of being charged penalties when this failure to comply is discovered.

The federal government can impose civil penalties on third parties who make false statements or omit information with respect to tax matters. The legislation

My Account is a secure portal offered by the CRA that allows individuals to view their personal tax information and manage their tax affairs online. Among

Taxpayers can make an online payment to the CRA either from their current account in a participating financial institution or using the CRA's My Payment