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.
Tax
The self-employed and tax
If you’re self-employed and your business is not incorporated, you must file an individual tax return each year. You report your income as business or professional income. And you can deduct business expenses.
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.
Caregivers and tax
If you’re the caregiver of a family member with an illness or disability, you may be eligible for tax credits when you file your return.
Seniors and tax
As a senior you are eligible for certain tax credits and deductions.
Homeowners and tax
When you buy a home you can claim certain tax credits to offset expenses.
Parents and tax
As a parent you may be eligible for certain benefits or tax credits to help with expenses.
Claim Tax Credits on Student Loans and Expenses
As a post-secondary student, you may be eligible for specific tax credits that reduce how much you may owe at tax time.
Medical and attendant care expenses
You can claim a tax credit for medical expenses for yourself, your spouse, and minor children that you paid in any twelve month period ending in the current tax year.
Charitable donations
You can claim a federal and provincial non-refundable tax credit when your give money to a registered charity or qualifying organization.
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.
Filing a final return
Upon your death you are deemed to have disposed of your assets to your estate, which may trigger a gain or a loss. Learn more about filing a final return.