How income tax works

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.

2 min read

Investors and tax

The amount of tax you pay on your investments depends on the type of investments you hold, and the type of account they are held in.

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Reducing the tax taken from your pay cheque

If you’re an employee, your employer will deduct income tax from your pay cheque. This is known as tax deductions at source. Reducing the amount of tax withheld will increase your net take-home pay.

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Tax penalties and fees

If you file a late tax return or fail to report correct information on your return, you could end up paying additional fees or penalties.

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7 reasons to file a tax return

There are many good reasons to keep up to date on your tax filing each year. You may file a tax return even if you don’t have any income. It could help you access certain refundable tax credits and other benefits.

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RRSP and TFSA contributions

Your annual RRSP contribution room is determined by how much income you earned the previous year. You can deduct contributions to your RRSP but not your TFSA.

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If your tax return is reviewed

Your tax return may be reviewed for a number of reasons. Follow these steps if you’re selected for a review.

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