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The Canada Revenue Agency (CRA) is the federal revenue service that collects taxes, administers tax law and policy, and delivers benefit programs and tax credits. Learn about its history, structure, mandate, and operations from this Wikipedia article.
NETFILE is a secure and fast way to submit your personal income tax return to the Canada Revenue Agency using the Internet. You need a NETFILE-certified product to prepare and upload your .tax file, and you can get your refund faster and more accurately.
Tax returns in Canada refer to the obligatory forms that must be submitted to the Canada Revenue Agency (CRA) each financial year for individuals or corporations earning an income in Canada. The return paperwork reports the sum of the previous year's (January to December) taxable income, tax credits, and other information relating to those two ...
T1 General is the form used by individuals in Canada to file their income tax return for a calendar year. It includes income from various sources, deductions, adjustments, credits, and taxes payable or refundable.
[58] [59] CRA has a number of criteria to determine whether this will be the case. For corporations as for individuals, 50% of realized capital gains are taxable. The net taxable capital gains (which can be calculated as 50% of total capital gains minus 50% of total capital losses) are subject to income tax at normal corporate tax rates.
A tax-free savings account (TFSA) is a Canadian account that provides tax benefits for saving and investing. Learn about its history, features, contribution room, eligible investments, creditor protection, over-contributions and foreign dividend withholding tax.
RRSP stands for registered retirement savings plan, a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages, such as deductible contributions, tax-free income, and deferred taxation on withdrawals.
Learn about the Canada workers benefit, a refundable tax credit for low-income workers in Canada. Find out the eligibility, benefits, history and challenges of this program.