Personal tax refers to the tax levied on an individual’s income, including earnings from employment, investments, interests, and other sources. In Canada, personal tax is collected by the Canada Revenue Agency and is used to fund government programs and services.
Timely filing ensures compliance with tax laws and regulations, reducing the risk of penalties, interest charges, and legal consequences. Filing on time allows individuals to receive any tax refunds they may be entitled to promptly, providing a financial boost.
Canada offers several tax benefits to individuals who file their taxes, including tax credits, deductions, and incentives. These benefits can include the Canada Child Benefit, the GST/HST credit, the Disability Tax Credit, and various provincial tax credits.
Normally, the declaration must be sent between February and April of each year. The process consists of evaluating each person’s profile. After this step, the client will understand whether they need to pay some type of tax or even receive a certain amount as a tax return.
Choosing the best path in tax terms is not always simple. Therefore, having professional accounting support can make all the difference in your professional and personal plans in Canada.
Individuals may face penalties and interest charges imposed by the CRA, which can accumulate over time and result in significant financial burdens. Non-compliance with tax laws can lead to the CRA reviews and audits, investigations, and legal proceedings.
Hiring ATA Professional Corporation can alleviate the complexities and uncertainties associated with personal tax filing. Our seasoned, licensed tax consultants have the skills, knowledge, and experience to accurately prepare and file tax returns, identify tax-saving opportunities, and navigate complex tax laws.
