Personal Income Tax

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Before you start preparing your T1 tax return, it's crucial to determine your tax residency status, as this will significantly influence how you declare your income and what tax obligations you have.

Your tax residency status in Canada is determined by several factors, including how long you've stayed in the country during the tax year, your residential ties (such as a home, spouse, or dependents in Canada), and your purpose of stay.

If you are a resident of Canada for tax purposes, you'll be required to report your worldwide income on your T1 tax return. However, if you're a non-resident or deemed resident, different rules may apply, such as reporting only the income you earned in Canada.

It's important to accurately determine and understand your tax residency status before filing your taxes to ensure compliance with the Canada Revenue Agency (CRA) regulations. Incorrectly reporting your residency status can lead to errors in your tax return, which could result in penalties or missed benefits. If you’re unsure about your tax residency status, it’s advisable to consult with a tax professional or refer to CRA guidelines for clarification

• T4 Slips: Employment income statements.
• T4A Slips: Statements of Pension, Retirement, Annuity, and Other Income.
• T5 Slips: Statements of Investment Income.
• T3 Slips: Trust income allocations and designations.
• Other Income Slips: Such as T5013, T5008.
• Receipts for Tax Deductions and Credits: Including charitable donations, medical expenses, and child care expenses.
• RRSP Contribution Slips: Proof of contributions to Registered Retirement Savings Plans.
• Tuition Tax Receipts: Such as T2202 forms for post-secondary education expenses.
• Records of Capital Gains or Losses: From the sale of stocks, bonds, real estate, or other assets.
• Home Office Expenses: For those eligible for deductions related to working from home.
• Rental Income and Expense Records: If you own rental property.
• Foreign Income Statements: If applicable, details of income earned outside of Canada.
• Social Insurance Number (SIN).
• Information on Dependants: Including their SINs and any related expense receipts.
• Previous Year’s Tax Return and Notice of Assessment: For reference and to carry forward any unused credits.

The deadline to file personal income tax return is April 30th! For individuals who have self-employment income, the deadline will be June 15th! 

Please visit CRA website for more details.

Navigating the complexities of tax payments can often seem daunting, especially when dealing with both the Canada Revenue Agency (CRA) and the Ministère du Revenu du Québec (MRQ). Understanding the distinct processes and requirements for each agency is crucial for timely and accurate tax payments. This guide provides a step-by-step approach to help you efficiently manage your tax obligations to both the CRA and MRQ.

Paying Taxes to the Canada Revenue Agency (CRA)

    Two options:

• Please go to CRA payment website and it will navigate you through the payment process. 
• Please go to your online banking, add a CRA as payee in your bill contact, then input your SIN as your account number. (every year there is a new CRA payee).

Paying Taxes to the Ministère du Revenu du Québec (MRQ)

    Two options:

• You can deposit a cheque to the MRQ office with the payment slip.
• You can add Revenu Quebec Paiement Code as your payee in your online banking.