How does GST/HST work?

After you register GST/HST account and become a GST/HST registrant, you have to charge and collect the GST/HST on taxable supplies (other than zero-rated supplies) you make in Canada and file regular GST/HST returns to report the tax.

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Tax Preparation Document Checklist for 2013

Go through this checklist before you begin or visit a professional to do your income tax return. If you have any of the documents listed below, mark the item and be sure to include all of them. 1 2

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Privacy is an enemy when filing family tax returns - by Proccounting

“Simon, just file my return for me this year. Don’t worry about my wife’s. You know, she is going to do hers by herself.”

Read more: Privacy is an enemy when filing family tax returns - by Proccounting

The CRA’s matching program

Received a notice of reassessment? Don’t be surprised. Chances are you have been matched by the CRA’s “matching program”.

Read more: The CRA’s matching program

Corporation income tax

A corporation is a distinct entity. The corporation operates as an artificial person that exists apart from its owners. All corporations have to file a corporation income tax (T2) return every tax year even if there is no tax payable.

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Should I file a tax return?

You should file a tax return in the following three situations:

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Maximum annual RRSP contribution limits

The following table shows the maximum annual RRSP contribution limits:

 

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The difference between TFSA and RRSP

Since the introduction of Tax-Free Savings Plan (TFSA) in 2009, many Canadians have been struggling with the question: to TFSA or to RRSP?  Although both plans shelter your income tax-free, they work in different ways. Here is a comparison between TFSA and RRSP.

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How to calculate Canadian income tax for the year 2011

The Income tax in Canada is composed of federal tax and the provincial tax. If you live in Ontario, your Income tax is the total of your federal tax and Ontario tax. These two taxes have different rates and brackets. Therefore, they need to be calculated separately and then added together to get the Income tax. This article will show you what these rates and brackets are for both taxes with a couple of example calculations.

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HST in BC

Here are the milestones of the short journey of the Harmonized Sales Tax (HST) in the province of British Columbia (BC):

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