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How Much Do You Know About Canadian Tax Rules? Not Much For Sure!
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How do you define a serious tax payer? One who regularly pays the tax? Or the one who is always updated with the amendments of the taxations laws and policies? Though both deserve to be the definition, but still the latter one is more required!
Hence if you are a serious tax payer, then you ought to learn few important things about Canadian tax rules and the various amendments associated with it.
• The managing authority for all the tax rules in Canada for both residents and non residents is the Canadian Revenue Agency (CRA). CRA is a government agency which controls the tax related functions in Canada.
• Canadian income tax system is too transparent. And hence tax payers can easily verify their own tax using a number of software programs and the federal tax rate calculator available in the internet.
• It is mandatory to pay the taxes in time else you may face the wrath of the authority. However, you compensate the missed payments through penalties.
• Tax rates are not uniform. The tax rate will vary as per the income of the individual. Moreover tax rates also depend on the additional incomes, especially from self employed businesses, even though it is not registered. Currently the tax rate for residents of Canada varies in between 15-30 per cent.
• How to know your residential status? Residential status in Canada is usually calculated by the number of presence of an individual in a year. If one is away from Canada for more than 183 days, then the residential status of that individual is cancelled. Similarly, those who are staying within Canada for less than 183 days, need to apply for non residential tax forms.
• In order to know which tax rate is applicable for you, you need to hire a tax expert. Tax accountants are more reliable in this regard than anyone from CRA. An expert can also guide you regarding filing tax returns. They are mostly sought by the non resident tax payers. Finding a good tax consultant is not a difficult task. All you need to do is make a thorough study of all those available. You can either take the help of local newspaper or else make use of internet for this. Reach out few of them through phone calls, emails and Skype. Contact those who send back a detailed response.
Canadian tax system has a number of parameter and is not definitely a tax haven. Hence in order to issues in this regard, it is wise to hire a tax expert. Michael Atlas is one such known name in Canada. For more information browse through this official webpage at www.taxca.com
Ken Donaldson is a chartered accountant who practices as an independent tax specialists. He also author of canadian tax, in this article he provides canadian tax tips. For more information you can visit Taxca.com.
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