Basic Information on Canadian Taxation

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Tax Saving Experts in Mississauga
BASIC INFORMATION ON  CANADIAN TAXATION
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 General Information
You are taxed on the basis of your residence and
not your citizenship.
Canadian residents are taxed on their worldwide
income.
New permanent residents are allowed for offshore
trusts.
There are no estate duties or succession duties
in Canada.
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Who collects the taxes in Canada?
Federal taxes are collected by the Canada Revenue
Agency, formerly known as Revenue Canada or the
Canada Customs and Revenue Agency. The CRA
collects and remits to the provinces Provincial
personal income taxes on behalf of all provinces
except Quebec. Corporate taxes on behalf of all
provinces except Quebec and Alberta.
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What are Tax Obligations and claims in Canada?
You must report world income (income from all
sources both inside and outside Canada) on your
Canadian income tax return.
You must ensure that you pay the correct amount
of taxes according to the law .
You have the right and responsibility to verify
your income tax status each year.
You can claim all deductions, non-refundable tax
credits, and refundable federal, provincial, or
territorial credits that apply to you.
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Are there any tax benefits and credits?
As a newcomer to Canada, you may be eligible for
The Canada Child Tax Benefit (CCTB), The goods
and services/harmonized sales tax (GST/HST)
credit, The Universal Child Care Benefit (UCCB)
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Registered Retirement Savings Plan (RRSP)
Another popular way to save for your retirement
and defer taxes is a Registered Retirement
Savings Plan (RRSP), which are registered with
the federal government. In this way, you can add
to the money you will receive from pensions and
federal old-age benefits. For more information
about RRSPs .
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CONTACT US
Call 9058580775
E-Mail handt_at_handt.ca
Website www.handt.ca