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Personal income tax.... Get ready to do your taxes

Report your income
What to report as income, self-employment income, foreign investment income, income from assets, or other earnings Claim deductions, credits, and expenses The facts of the working relationship as a whole decide the employment status. Find and claim tax deductions, credits, paid tax instalments and expenses such as home office expenses for employees or paid tax instalments If you are a small business owner or self-employed Get free tax help to better understand your tax obligations by booking a virtual visit with a Liaison Officer Get your tax slips Understand your tax slips like the T4 and T4A, when you will receive them, and how to get copies If you need more information Get answers to frequently asked questions about filing your taxes Send your completed tax return File your tax return online or mail in your completed tax return to your tax centre Make a payment or wait for your refund Have a balance owing Pay the taxes you owed, options if you cannot pay, or arrange to pay over time Getting a refund You will get a refund if you paid more taxes than needed After you file your tax return Get your notice of assessment, find out the status of your refund, or make a change to your tax return To provide feedback on your filing experience or any other CRA service, go to Submit service feedback - Canada.ca To formally dispute your notice of assessment or reassessment, credit or benefit decision, you may want to file a notice of objection. To find out if this option is right for you, go to File an objection.

How Income Tax Works

Filing your taxes might be one of the most important financial actions you will take each year. It can also feel confusing or stressful at times. Find out more about how income tax works, including tax deductions and tax credits, and try our interactive chart to see what tax bracket you are in.
Tax and income
The amount of income tax you pay is based on how much taxable income you have earned that year. Taxable income could include employment income, EI benefits, pension income, and investment income such as interest or capital gains. If you have regular employment income, then your tax may be deducted directly from your paycheque. This will be shown on your pay stub.
Identifying your tax bracket
The amount of income tax you owe is calculated when you file your tax return each year. You are required to report your total income to the Canada Revenue Agency (CRA) when you file your tax return. The rate of tax increases as your taxable income increases and exceeds certain amounts, called tax brackets.
Non-refundable tax credits are amounts that reduce the amount of tax you owe... not from the amount of income you earn. They will not contribute to a refund. This means that if your non-refundable tax credits add up to more than the amount of tax you owe, the result will be that you owe no tax. Examples are.. The disability amount, the charitable donation tax credit, and the caregiver amount.
Deductions and credits...what is the difference?
You can reduce your taxable income and the taxes you pay by taking advantage of deductions and credits. Tax deductions..reduce your taxable income. Common deductions include RRSP contributions, childcare expenses, and union and professional dues. Deductions will not directly contribute to a refund at tax time. However, it is possible they could add up enough to put you into a lower tax bracket, which would mean you will be taxed at a lower rate. Refundable tax credits do contribute towards a refund, or they might be paid to you in amounts throughout the year. The government will pay you the refundable tax credits you qualify for, whether you owe tax or not. To claim them, you must file a tax return. Examples are GST/HST credits, and the Canada Workers Benefit (CWB).

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