![]() Understanding Canadian Federal and Provincial Taxes What are Taxes? Canada has three levels of government (federal, provincial, and municipal) that provide services and programs for its citizens. In order to fund these services the governments levy income taxes, sales taxes, property taxes, and corporate taxes. In order to make sound financial decisions one must consider the tax implications that may arise (tax benefits or tax consequences).
Who is required to pay income taxes in Canada? All students residing in Canada, including international students, are obliged to file their taxes. And while this might seem like a messy task to partake in—especially with exams around the corner, doing so will help you get refunds on several expenses you’ve made throughout the year. Tax Planning Documents you will need to file your taxes: Here is a list of the most common documents students might require to file their taxes. However, your accountant or tax professional may require other documentation depending on your situation.
Employers and institutions have until February 28th to release your tax documents. If you have not received your documents before March 1st, please contact your employer and/or institution for guidance. Key dates for filing 2022 income taxes
Where can you file your taxes? You can file your taxes through a Tax Preparation Specialist or online through tax filing software. If you are new to filing your taxes, it is recommended that you go through a Tax Preparation Specialist. You can check if there is a free tax clinic available in your area by checking the CRA website: Find a tax clinic in your area (cra-arc.gc.ca)
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