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.
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.
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.
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.
As a senior you are eligible for certain tax credits and deductions.
When you buy a home you can claim certain tax credits to offset expenses.
As a parent you may be eligible for certain benefits or tax credits to help with expenses.
As a post-secondary student, you may be eligible for specific tax credits that reduce how much you may owe at tax time.
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.
You can claim a federal and provincial non-refundable tax credit when your give money to a registered charity or qualifying organization.
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.
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.