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The Canada Revenue Agency ( CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits. [4] Legislation administered by the CRA includes the Income ...
Tax returns in Canada. 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 ...
The amount of income tax that an individual must pay is based on the amount of their taxable income (income earned less allowed expenses) for the tax year. Personal income tax may be collected through various means: deduction at source - where income tax is deducted directly from an individual's pay and sent to the CRA.
Legislation. Under the Constitution Act, 1867, taxation powers are vested in the Parliament of Canada under s. 91 (3) for: 3. The raising of Money by any Mode or System of Taxation. The provincial legislatures have a more restricted authority under ss. 92 (2) and 92 (9) for: 2. Direct Taxation within the Province in order to the raising of a ...
A registered retirement income fund ( RRIF) is a tax-deferred retirement plan under Canadian tax law. Individuals use an RRIF to generate income from the savings accumulated under their registered retirement savings plan. As with an RRSP, an RRIF account is registered with the Canada Revenue Agency .
Honorarium. An honorarium is an ex gratia payment, i.e., a payment made, without the giver recognizing themself as having any liability or legal obligation to the recipient for their volunteered services, or for services for which fees are not traditionally required. It is a common remuneration practice in schools or sports clubs, for teachers ...
T1 General. The T1 General or T1 (entitled Income Tax and Benefit Return) is the form used in Canada by individuals to file their personal income tax return. Individuals with tax payable [1] during a calendar year must use the T1 to file their total income from all sources, including employment and self-employment income, interest, dividends ...
The general corporate tax rate on business income—the net tax rate after the general tax reduction, is 15%. [1] For Canadian-Controlled Private Corporations (CCPCs)s eligible Small Business Deduction (SBD), the net tax rate 9% as of January 1, 2019. [1] The provinces or territories have a dual rate—a lower rate and a higher rate which is ...