Do I have to file a Tax return?
Once you have reached 18 years old, you have to file your tax return. If you are an international student and you have decided to stay in Canada you have to fill your taxes , even though you are not a citizen yet or have no income. Doing your taxes will give you benefits and will receive payments over the year.
What do I need to file a return?
You will need every tax documents that you received, the rent paid, medical expenses, Public Transportation (TTC) donations, interest on a student loan and much more depending on your situation.
What date is my return due?
Tax returns are due on April30th. If you need to pay taxes, penalties and interest will arise after this date. If you file after this date and have a refund you will still receive it. Self-employed need to pay their taxes before April 30th, even though they have until June 1 5th to file their return.
What do I include with my return and what records do I keep?
We need to include your medical expenses, donations, public transportation (TTC) and any slip received for tax purposes. Once your tax return is prepared you need to keep your documents and receipts for 5 years.
What are the types of income I may have?
As an employee, you will receive a T4. If you have your own business you will have to produce a business return to include your income and expenses.
When can I expect my return?
Once we produce your return you can expect your refund, if any, within 2 weeks.
What is the amount I can expect?
This will depend on your income and the taxes that were deducted at source.
What is a RRSP?
RRSP stand for Registered retirement saving plan. When you make a contribution towards your RRSP it reduces your taxable income and your tax payable.