Dear TK, but the low income cut off threshold is far higher than what you have mentioned. In other words, if I fall under low income category, I am rather entitled for benefits which simple means that I don't owe anything to the govt, therefore no tax. Am I right !
Location: God's own country
Posted on: 31-12-14 08:46:44
No No. Wrong.
Tax is different and benefits is different.
Standard deduction is what I mentioned. You may (as a family) earn upto $ 15K without being taxed a penny. Howver, your benefits will still come in full, till you reach around $ 40,000 or so (for a family of four) . Only after that, it will start receeding.
Always better to declare the lowest ever possible. In some cases like welfare (free money of $ 1170 per month for a family), the requirement is that you should have only around $ 3000 max in liquid and illiquid assets.
Hope this clears your doubt.
Murali The Krishna
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I am a Gents and not a Ladies.
Got it, will go by the accountant for my first submission,you know of any good office in mississauga !
Quote:
Originally posted by Hasni
Got it, will go by the accountant for my first submission,you know of any good office in mississauga !
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THESE ARE THE FORMATIVE YEARS.. AND WHAT YOU LEARN NOW WILL BECOME THE BASE FOR YOUR FUTURE..So,
You can get help from an accountant, at a free tax clinic, or a community agency.
If you need help with your tax return, you can pay to use the services of a Chartered Accountant or a tax preparation company.
If you cannot afford to pay for assistance, you may be eligible for a free tax clinic. Generally, these clinics are for people who have a low-income and a simple tax situation (for example, no rental or business income). The nearest Library will give you all of the information and the leaflets that are available there.
Volunteer Tax Preparation Clinics - from Canada Revenue Agency (CRA). For more information and to see if you are eligible, call 1-800-959-8281. You may need to make an appointment.
Tax Clinic Program - from the Institute of Chartered Accountants of Ontario (ICAO). Contact a ICAO tax clinic in your area. You must make an appointment.
You can also contact a community agency about getting help to file your taxes. To find help in your area, go to Services Near Me. See the LINK under.
Canadian residency for tax purposes is not the same as residency for immigration purposes. Find out more in Do I have to file a tax return?
For More Information.. : Newcomers to Canada - This guide is for first time tax filers in Canada. It will help you determine if you are a resident for tax purposes, which is not the same as residency for immigration purposes. From the CRA.
Canada Revenue Agency (CRA) - The federal agency responsible for administering tax, benefits and related programs across the country. Their website provides detailed information about tax-related issues.
Frequently Asked Questions about Individual Taxation - Information and answers about tax rates and how to file your return. From the CRA.
General Income Tax and Benefit Package - A collection of forms and information sheets which you need to file your income tax return. From the CRA.
http://settlement.org/sys/faqs_detail.asp?k=WORK_TAX&faq_id=4000150
You will see one for 2014 and also for the next year(2015)
http://www.cra-arc.gc.ca/nwsrm/fctshts/2014/m11/fs141125-eng.html
These days people are very shaken in the investment field, as no one knows where the economy is headed. So, go to the libraries nearby and read a few of the informative publications, Latest ones, such as "MONEY" and FP also other investment books on the shelves. Some are available to take out and pick one and read it there or carry it home and enjoy it. What you will learn today will become the base for the future and your Knowledge will improve considerably and take notes as you go on through the pages.
http://www.moneysense.ca/invest/the-income-illusion
Hope this helps you and clears all of the cobwebs and confusion generated in your mind.
Good Luck.
FH.
