It's time to calculate taxes in Canada. As taxpayers begin to navigate the tricky web of tax information out there, they'll have multiple factors to consider to ensure their tax return is complete and that they're maximizing their deductions and opportunities to earn those sweet refundable tax credits. It's even trickier for Quebecers, who, unlike most Canadians, have to file two separate returns. Here's a guide to tax season in Canada, including how much income tax you can expect to pay at the federal and provincial levels, some of the biggest credits and benefits available to you, the filing deadline and the penalties for missing it.
Between provincial taxes and federal taxes, it can feel like you're being pulled in eighteen different directions, all of which want your cold hard cash. Unfortunately, the best I can do for you is clarify Canada's income tax brackets for the coming filing period, which hopefully will help you come to terms with your impending taxation situation.
Ontario slaps a $0.18475 tax on each cigarette. In Quebec, it's only $0.149 which, for a carton of 200 cigarettes, amounts to the lowest tobacco tax in Canada. A league of health advocacy groups led by the Coalition québécoise pour le contrôle du tabac (CQCT) wants to close that gap. They're calling on political parties to take up the cause ahead of the Quebec election in October.
Make sure to watch your mailbox and your e-mail inbox in the coming months, because you may get a letter stating that your benefits are being reviewed by the Canada Revenue Agency (CRA) this year. But don t worry, you won t be the only one.The government agency released a notice saying that up to 200,000 Canadians will be contacted about their eligibility for different benefits and credits to ensure that they re receiving the proper amounts this year.