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What Is Income Tax?

71 bytes added, 22:15, 22 March 2014
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Each year you must tell CRA how much money you made. You report your income on a tax form called an income tax return.
==What income tax must be paid on====Income tax on your pay at work===
When you get a job, you fill out a tax form. You get this form in a package called General Income Tax and Benefit Package. Your employer uses the information on your income tax form to work out how much tax money you owe. Each time you are paid, your employer must take the tax money out of your wages and send it to the government.
===Income tax on other money you make===
Many people make money in other ways. Some have a business. Some get money from renting a house or apartment. Some get money from investments.
[[File:Paying Taxes Keyboard Image.jpg | right | frame | link=| <span style="font-size:60%;">Copyright www.shutterstock.com</span>]]
==Paying income tax=====Who has to send in an income tax return?===
If you are a resident of Canada for part or all of a ''tax year'', you must file an income tax return if you:
* want to receive benefits, such as a pension, medical benefits or social assistance.
===When do I have to send in an income tax return?===
You ''must'' send in your income tax return to Canada Revenue Agency by April 30 of the year after the tax year. If you have a business in Canada, you have until June 15 to send in your income tax return.
===How do I get an income tax return?===
If you have never sent in a tax return form in Canada, you can get the form from any post office or Canada Revenue Agency (CRA) office. Or you download the form from the [http://www.cra.gc.ca CRA website].
After the first time, the government will mail you a tax return form each year. Be sure to provide CRA with a change of address if you move. The form comes in a package called the General Income Tax and Benefit Package. The package includes information about how to fill out the form.
===How do I fill out my income tax return?===
Many people fill out their own tax return. For those confident enough to do it themselves, there is computer software that can help you fill out your income tax return.
Many community groups help new immigrants with tax return forms. This help is usually free. You can pay an accountant, bookkeeper, or a tax preparation company to fill out your tax return.
===How do I send in my income tax return?===
There are many different ways to send in an income tax return. You can send in your tax return form by mail, online, or by telephone.
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