TAX FREEDOM DAY
Tax Freedom Day is a measure to show the impact of taxation on Canadian families. If Canadians had to pay all of their taxes up front, then they would have to hand over every penny they earned to the government up to that date.
The average Canadian family earns $93,831 and pays $39,960 in taxes. That means that the family’s tax bill represents about 42.6% of its annual income.
Looking across the country, we see that Alberta achieves the earliest Tax Freedom Day, on May 19, followed by Prince Edward Island, on May 27. The citizens of Newfoundland and Labrador do not reach that marker until June 19, and Quebec gains its tax freedom last, four days after Newfoundland and Labrador.
FORMS FOR INDIVIDUALS
Direct Deposit Enrollment: Use this form to request direct deposits of Income Tax Refund, GST/HST credit and CCTB and any related provincial and territorial payments, WITB advance payments, any other deemed overpayment of tax, and UCCB. http://www.tpsgc-pwgsc.gc.ca/recgen/pdf/canada.pdf
Marital Status Change: Use this form RC65 to tell CRA of a change in your marital status. http://www.cra-arc.gc.ca/E/pbg/tf/rc65/rc65-fill-14e.pdf
Canada Child Benefits Application: Use this form RC66 to apply for all child benefit programs, including the Canada child tax benefit (CCTB), the goods and services tax/harmonized sales tax (GST/HST) credit, and the universal child care benefit (UCCB). http://www.cra-arc.gc.ca/E/pbg/tf/rc66/rc66-fill-14e.pdf
Determination of residency status (leaving Canada for over 183 days): Complete all areas of this form if you plan to leave or have left Canada, either permanently or temporarily. http://www.cra-arc.gc.ca/E/pbg/tf/nr73/nr73-fill-12e.pdf
Statement of Real Estate Rentals: http://www.cra-arc.gc.ca/E/pbg/tf/t776/t776-fill-13e.pdf
FORMS FOR BUSINESSES
Statement of Business or Professional Activities: http://www.cra-arc.gc.ca/E/pbg/tf/t2125/t2125-fill-13e.pdf
Employee or Self-Employed?: It is important to determine whether a worker is an employee or a self-employed individual. http://www.cra-arc.gc.ca/E/pub/tg/rc4110/rc4110-e.html#employee_selfemployed
We offer prospective clients an initial free one-hour consultation to discuss their tax or business needs. Please contact us to make an appointment. We can consult over the phone, via Skype, via FaceTime or in person, at our office.
Check our availability.
The income tax forms have been simplified beyond all understanding.