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.
Understanding tax
Learn more about how tax filing and tax deductions work.
Understanding the tax deductions on your pay stub
Your pay stub summarizes your employment earnings and other deductions for tax, EI, and CPP. Learn more about how these are calculated.
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.
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.
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.
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.
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.
Penalties for not reporting income
If you fail to report all of your income on your tax return you may have to pay a federal and provincial penalty.
5 common mistakes to avoid on your tax return
At tax time, make sure you’re reporting accurate information. Here are some common mistakes to watch out for.
Making changes to your tax return
If you need to make changes to your tax return, follow these steps.
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.
If your tax return is audited
Follow these tips to avoid being audited.