No Income No Tax Return?

by Tax Guy March 8, 2010

Well not exactly. Generally speaking if you are a resident in Canada for income tax purposes do not have to file a return with the Canada Revenue Agency (CRA) unless you owe taxes or the CRA asks you to file a return.
Note that if you are new to Canada you are required to pay tax on [...]

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2010 Federal Budget Summary

by Tax Guy March 5, 2010

The Minister of Finance released the annual federal budget on March 4th, 2010. While the budget did not contain any major programs as it had in the past, there were some important changes that will affect individuals across Canada.
Federal Tax Brackets
The federal tax brackets have changed for 2010 as has the basic personal amount. The [...]

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Income Tax & Real Return Bonds

by Tax Guy March 3, 2010

Real Return Bonds are Government of Canada bonds that pay interest based on changes in the Consumer Price Index (CPI). In other words, the interest you receive on these bonds changes with the rate of inflation. However, the income tax is not straightforward!
The Mechanics of Real Return Bonds
With a regular bond, the redemption value, or [...]

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Tax Time: Tax Deductions & Credits For 2010

by Tax Guy March 2, 2010

Now that the RRSP deadline has passed, many Canadians will start preparing their individual income tax returns.
The filing deadline for 2010 is April 30th for individuals and June 15, 2010 for those with self-employment income.
Tax Deductions & Credits Other Than RRSP’s
For most individuals, RRSP’s are their biggest single tax deduction. And while there are strict [...]

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Announcing 2 New Tax Calculators

by Tax Guy February 28, 2010

One of the problems publishing a tax website is keeping the rates and calculators up-to-date. Up to now, I have linked to other websites on the internet that offered tax calculators, tools, and rate cards. However, I am finally able to create and deliver my own set of tax calculators and rate cards (and keep [...]

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