Why is it important to keep records? This is because it helps you identify the sources of your income and help you in deciding whether you should apply for a GST/HST.
Tax season is here! It’s the time of the year when we hear a lot about W2 forms, deadline of filing and tax obligations. Yes! Tax obligation, it’s the amount you pay on income you receive from sources in Canada. Here’s an easy guideline on what you need to know about Canadian Taxes.
You can log in or Sign up to Canada Online Portal to view your personal income tax and benefit information and manage your tax affairs. It will also give you option to pay it online.
Canada Revenue Agency (CRA) will mail the 2019 Income tax package to individuals who filed their returns on paper last year. It can take up to 10 business days for the 2019 Income tax package to arrive by mail.
1-800-959-8281 is the Individual tax enquiries line. When you call, you will receive an estimated wait time to speak with an agent. You can wait in the queue or decide to call back later. You can also get your account balance and the amount of your last payment through a self-serve interactive voice response system
Community volunteers assist individuals with low income and simple taxes file for their tax returns.
There are free and paid softwares that can be link to your Canada’s online portal account where you can manage and pay your taxes.
Your Tax payable is $2000.00 and you’re 6 months late.
= 5% of your $2000 Tax payable is $100 (immediate penalty)
= 1% of $2000 Tax payable is $20 x 6 months
= $120.00 (additional penalty)
= $220.00 (total penalty) + $2000.00 (Original balance)
= $2,220 (Total tax due