stefani2
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Veevahchef said:For your Alberta taxes it is $16,161
For federal it is $9600
These are for 2008
Veevahchef said:For your Alberta taxes it is $16,161
For federal it is $9600
These are for 2008
Jewel said:Anything over $600 must be reported on a 1099. Which means PC will report it so you should too.
stefani2 said:PC doesn't send us anything in Canada - do they?
Income tax is a tax imposed by the government on the income earned by individuals and businesses. It is a way for the government to raise revenue to fund public services and programs.
Income tax is calculated by applying a set tax rate to the taxable income of an individual or business. The tax rate varies depending on the tax bracket the individual or business falls under.
The deadline for filing income tax returns in Canada is April 30th for most individuals. However, self-employed individuals and their spouses have until June 15th to file their returns, but any taxes owing must still be paid by April 30th to avoid penalty.
A tax credit is a direct reduction of the amount of tax owed, while a tax deduction reduces the amount of taxable income. Tax credits are generally more beneficial than tax deductions as they reduce the tax liability dollar for dollar.
If you are unable to pay your income tax by the deadline, you will be charged interest on the amount owing. It is important to file your tax return on time even if you are unable to pay, as failure to file can result in additional penalties.