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The First website tokes about what you need to know and what to do with your taxes. This website is run by the government to help you with your taxes. They have a guide that has steps that can help you with your taxes. Step 1 Deadline, 2 Gather your tax information, 3 Methods for completing your tax return, 4 Fill out your tax return, 5 Send in your tax return, 6 What to do after filing your taxes, 7 Pay balances. They also have other links that can help you if you need it. This Website is really useful if you have trouble with doing your taxes in any way.

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If you file your taxes electronically by March 15, 2024, you should receive your next CCR payment (formerly known as the Climate action incentive payment) on April 15, 2024. If you file after March 15, 2024, generally, you can expect to get your CCR payment 6-8 weeks after your tax return has been assessed.

To receive the benefits and credits you may be eligible for, you need to file your income tax and benefit return every year. Start by gathering your documents to report income and claim deductions, and choose how you want to file and send your completed tax return to the CRA.

Understand your rights as a taxpayer and who should file a tax return.

Steps to get ready for 2023 taxes

1. Changes to benefits, credits, and expenses for individuals and families, and updates to the 2023 income tax package.

2. Filing and payment due dates for taxes, instalment payments, and any amounts you may owe.

Filing dates for 2023 taxes

February 19, 2024: Earliest day to file your taxes online

April 30, 2024: Deadline to file your taxes

June 15, 2024 (June 17, 2024, since June 15 is a Saturday): Deadline to file your taxes if you or your spouse or common-law partner are self-employed

Payment date for 2023 taxes

April 30, 2024: Deadline to pay your taxes

3. Know what to report and claim

What to report as income, including self-employment income, foreign investment income, income from assets, or other earnings.

Find and claim tax deductions and credits, and get information on tax instalments and expenses.

Understand your tax slips such as the T4 and T4A, when you will receive them, and how to get copies.

4. Change your address, phone number, name, or marital status with the CRA. Register for direct deposit and keep it up-to-date to get your payments and refunds faster.

5. You can file your taxes online or by paper, or find other options such as having someone else complete them for you. Options include:

NETFILE-certified tax software (electronic filing)

Through a tax preparer using EFILE-certified tax software (electronic filing)

Community volunteer tax clinic

Paper tax return

SimpleFile by phone (by invitation only)

6. File your tax return online or mail your completed tax return to your tax centre.

7. Make a payment or wait for your refund

Pay the taxes you owe, arrange to pay over time, or see options if you cannot pay.

You will get a refund if you paid more taxes than needed.

8. Get your notice of assessment, find out the status of your refund, or make a change to your tax return.

If you need more information, you can get answers to frequently asked questions. You can also find out the standard processing times for tax returns and other tax-related requests.

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Steps to get ready for your taxes, find ways you can do your taxes, filing and payment due dates and the documents you need to complete and file your income tax and benefit return.

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If you could pass on your knowledge to a family member or friend, what
do you think is the most important thing to pass on?

One of the things ill pass to my family is the transit to get to the school where you can get money back if you keep all passes. My sister pays a lot just for the bus to school so this can help her save some money.

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Provide a real-life example of how this topic is relevant or interesting
for you.

My Real-life Example is how I got to file my income tax and it was not easy for me to do. But after doing this assignment I learn new things that gonna make the next time easier for me to do.

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What did you learn about your topic that surprised you the most?

The Thing that surprised me with my topic is there some many ways you can save money from the Income Tax.

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The choose the Second Picture because my padlet wall is all about Tip and Resources on how to save some money on your income tax and make it easier for people to file there Tax Returns

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I choose this first picture because my Padlet wall is all about how to help people with there Tax Income and give them the most information to make there tax Return easy.

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The Second website has 8 Small Business Tax Strategies to Reduce Income Tax in Canada. They proved 8 great tax strategies that can help anyone with there Business income Taxes. One of the ways to save money is to collect all of your receipts for your Business. "Things like parking fees on the way to meet a client, the "few" letters you mailed, the bag of coffee you picked up for the office", can be used to save money on your taxes. This Website is really good for people who have a small business and need a way to save some money from there taxes. I picked this website because I think this could be really useful for people who have Small business and need to save some money.

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Read through this list of small business tax strategies and see how many you're currently applying to lower your income tax bill - and which ones you can start applying right now to reduce the amount of income tax you're going to owe this year if you operate a small business in Canada.
1) Always collect receipts for business-related activities.
Running a business is time consuming and some business people can't be bothered to get or keep receipts for "little" things. However, the parking fee on the way to meet a client, the "few" letters you mailed, the bag of coffee you picked up for the office - all these little things can really add up over the course of a year.
2) Manage your RRSP and TFSA contributions.
The Registered Retirement Savings Plan (RRSP) and Tax Free Savings Accounts (TFSA) are excellent Income Tax Deductions for Small Business Owners, particularly for sole proprietors or partners.

Whether you should make the maximum RRSP contribution every year depends on how much your income fluctuates from year to year. The tax savings from an RRSP contribution are based on your marginal tax rate and since some or all of your allowable RRSP contribution can be carried forward into subsequent years you are better off saving RRSP contributions for years in which you expect a higher income.

Note that if your small business is structured as a corporation the situation is more complex. RRSP contribution levels are based on earned income from salary, so if you choose to receive some or all of your income in the form of dividends this will reduce or eliminate your RRSP contribution. See Business Salary or Dividends - How Should You Pay Yourself?

As the name implies, the TFSA allows you to shelter savings and investment income from taxes. Income and capital appreciation from stocks, bonds, or other interest bearing instruments is tax-free inside a TFSA. If you've maxed out your RRSP contributions and need a tax-free place to put cash or investments the TFSA is a good choice.
3) Maximize your non-capital losses.
Similarly, if your business has a non-capital loss (defined as when your expenses exceed your income for the business) in any year, consider when you can best use this loss to decrease your income tax bill before you use it.

Non-capital losses can be used to offset other personal income in any given tax year, can be carried back three years, or carried forward for up to seven years. It may make more sense for you to carry your non-capital loss back to recover income tax you've already paid, or to carry it forward to offset a larger tax bill in the future than it does to use it in the tax year the capital loss occurred. See Claiming Expenses on a Business Loss on Canadian Taxes.
4) Maximize your charitable income tax credits.
Charitable donations to registered Canadian charities or other qualified donees earn you tax credits. But are you aware that charitable donations that total over $200 provide you with more of a tax credit because they're assessed at a higher rate?

To maximize your charitable income tax credits, consider giving more to the registered charities of your choice this year. If you make $30,000 in income and decided to give only 5% of your income, the fortunate charities would get $1500. (Be aware that non-registered Canadian charities, American charities, and political parties don't count as charitable income tax deductions.)

Most Canadian small business owners know that instead of just deducting the cost of whatever depreciable property they've acquired to use in their business in a particular year, they need to deduct the cost of the depreciable property over a period of years, through a Capital Cost Allowance claim.

But many small business owners are not aware that they don't have to claim Capital Cost Allowance in the year that it occurs - a small business tax strategy that you can use to reduce your income tax. The CCA is not a mandatory tax deduction so you can use as much or as little of your CCA claim in a particular tax year as you wish; you can carry any unused portion forward to help offset a larger income tax bill in the future. It doesn't make sense for you to take your full Capital Cost Allowance claim deduction in a year that you have little or no taxable income.

Another aspect of maximizing your Capital Cost Allowance claim is to buy (and sell) your assets at the right time. You want to buy new assets before the end of your fiscal year and sell old assets after the current fiscal year.

Be aware, too, of the 50% rule; in the year that you acquire an asset, you usually can only claim 50% of the Capital Cost Allowance that you would normally be able to claim (and in some cases, the "available for use" rule means that you can't claim Capital Cost Allowance until the second tax year after you acquired an asset).
6) Split your income.
This small business tax strategy lets you take full advantage of the marginal tax rate disparities. The higher your income, the higher your marginal tax rate in Canada. By transferring a portion of your income to a family member with a lower income, such as a spouse or child, you can reduce the marginal tax rate on your income.

This is an especially powerful tax strategy for small business owners with children of post-secondary school age. Suppose that you employed your 19-year-old daughter in your business, paying her a salary totaling $10,000. Because of the basic personal income tax exemption, she would pay very little income tax, and would have a nice nest-egg to help pay for her education.

(If you paid her an income equaling the personal income tax exemption, she would pay no tax at all!) And meanwhile, you've "lopped" $10,000 off your income for the year, decreasing the amount of income tax you personally owe. Read Income Splitting for Canadian Businesses to learn more.

If you intend to employ a family member in your business, keep your claims reasonable and complete all the paperwork as you would when hiring any employee or contractor (have them properly invoice you for work performed). Hiring your wife/husband for thousands of dollars a month for a few hours of work answering the phone or filing is a sure way to attract the attention of the Canada Revenue Agency and get your claims rejected.

Do you operate your business out of your home? If not, what's stopping you? While not every business is suitable for a home-based business, home-based businesses do have advantages when it comes to income tax.

Besides the Business Use-Of-Home Deduction, home-based business owners can deduct a portion of many home-related expenses, such as heat, electricity, home maintenance, cleaning materials and home insurance.
8) Incorporate your business?
However, incorporating your business as a tax strategy will only be effective if your business has grown enough for incorporation to be worthwhile. You not only have to have a significant income already to offset the costs of incorporation but need to be prepared to leave enough of your business earnings in the corporation to benefit from corporate tax deferral.

For instance, if you operate an incorporated business and the corporation's profits in a given year are $60,000, but you take $60,000 from the corporation in salary, your $60,000 is then taxed just as your personal (T1) income would be now, making incorporation for this reason pointless. Should You Incorporate Your Small Business? explains the general advantages and disadvantages of incorporation.

While not all of these strategies will work for every small business, hopefully this list has gotten you thinking ​ about tax planning. The amount of income tax you pay is not an absolute written in stone. There are legal, sometimes simple things you can do to decrease your income tax bill - small business tax strategies that you can start applying today.

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How to Reduce Your Canadian Small Business Income Tax

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Read through this list of small business tax strategies and see how many you're currently applying to lower your income tax bill - and which ones you can start applying right now to reduce the amount of income tax you're going to owe this year if you operate a small business in Canada.

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The Third Website is great for Post- Secondary and Graduate Students. They  provides you with multiple different ways of saving money from your income taxes. One of those ways they  provide is For students who need the  transit to get to school, keep your all of your passes to claim the Transit Tax Credit. The program also includes electronic passes if you used to pay for 32 trips during 31 days. That's a great way for students to save money if they use Transits. This website is great for any student that is still in Post- Secondary or who Graduate already to save money form there Income Taxes.

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The Fourth and the last Website is The Tax Breaks Everyone Should Know About. This website is good for anyone that needs tax breaks. They Have 6 really useful steps that can really help you. One of them is Charitable donations. When your donations are over $200  that can result in a larger tax credit when you do your tax incomes. You can also save that money up to five years and claiming them all in one year will give you a larger total credit. This website is a great place to save some extra bucks in your Taxes. I picked this one because they have really good tips that can save you lots of money on your taxes.

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If you've ever submitted a tax return with the nagging feeling maybe you forgot an important deduction, the bad news is it's all too possible you did.

There are lots of breaks we omit when sending our return to Revenue Canada, and this can cost us thousands and thousands of dollars over a lifetime of erroneous tax filing, says tax expert Evelyn Jacks, author of over 50 books on the subject. "Thankfully, the Canada Revenue Agency (CRA) allows corrections to errors and omissions for a ten year period," she says. So all's not lost.
Tax breaks you should know about:
1. Charitable donations
Be sure to collect tax receipts (which registered charities are happy to send out) when forking out at the office for the United Way campaign or sending your best friend $100 for her Run for the Cure fundraising drive. "Charitable donations result in a larger tax credit once the total value donated exceeds $200," says Nancy Williams, Ottawa-based Tax Professional at H&R Block. Since charitable donations may be saved for up to five years, compiling them for a few years and claiming them all in one year will give you a larger total credit than claiming a small amount every year, she says.

2. Your first home
If you moved into your first house or condo a few years ago and think you didn't mention it on your return, it may well be worth digging up the files and reviewing them. "If you are buying your first home, there is a non-refundable tax credit of $5,000 that may be claimed in the tax year of the purchase," Williams says. Click here to see if you are eligible. from your home
"Moving expenses are also often missed," says Jacks, and she doesn't only mean the amount you spent on a moving truck and boxes. "That's because real estate commissions - which can run into five figures -- are part of the claim, available if you moved at least 40 kilometres [by the shortest usual public route] closer to the new work, self-employment location or school and had income there," she explains. If you assume those commissions were $20,000; at a 40 per cent marginal tax rate, that's worth $8,000 to you, she says. That might pay for your legal fees and for some of the landscaping costs of your new residence, she adds.

4. Kids' activities and lessons
The federal government wants to encourage us to get our kids active. If junior is enrolled in pricey skiing lessons in the winter and soccer camp in the summer, you'll be able to get some of those costs back in the form of a credit. "The children's fitness tax credit allows parents to claim up to $1,000 of the costs for any children under 16 years of age to participate in fitness activities such as sports teams and lessons," Williams says.

5. Disability tax credit
The disability tax credit can be a lucrative non-refundable return for those families and individuals that are eligible. This amount is worth more than $7,000 as a non-refundable credit, which will offset taxes payable, says Jacks. And while that sounds abstract, this is approximately $1,500 in real money, depending on the level of the tax brackets and rates in your province of residence. "Claiming this over a ten-year period amounts to $15,000 in tax savings. This can go a long way to help those needing extra medical or home care throughout a period of chronic illness," says Jacks, who is founder and president of the Winnipeg-based Knowledge Bureau. Note that those who wish to receive the disability tax credit must apply for it before filing a tax return. You cannot claim your credit until your application is approved.

6. Other obvious tax breaks
Don't forget about public transportation passes, says Williams. Single fares don't qualify, but weekly and monthly passes do.

Know all of the refundable tax credits, Jacks advises, "The Child Tax Benefit, The GST/HST Credit, and the Working Income Tax Benefit and all their 'clawback zones' -- that is, at what income level do you lose those credits, and how RRSP planning can help," she says.

Daycare is another break, so be sure to save receipts. "Child care expenses are deductible, and [there is] a non-refundable tax credit for an eligible dependant. One can even transfer the Universal Child Care Benefit to that child to get a better tax break, but you'll have to do the numbers to be sure," Jacks says.

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The tax breaks everyone should know about | Canadian Living

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If you've ever submitted a tax return with the nagging feeling maybe you forgot an important deduction, the bad news is it's all too possible you did. There are lots of breaks we omit when sending our return to Revenue Canada, and this can cost us thousands and thousands of dollars over a lifetime of erroneous tax filing, says tax expert Evelyn Jacks, author of over 50 books on the subject.

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The Fourth video is how to Prepare Corporation Income Tax Return for Business in Canada. This video is good for any with Corporation and needs help on their income tax. it also provides a good and easy way to file your taxes. The video also talks about the Canada Revenue Agency and how it provides T2 Returns and Schedules and others to make your Tax Return even easier. I picked this one because I think it could be really useful for people who have there own Corporation and need help to file there Tax Return for there  Business in Canada.

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How to Prepare Corporation Income Tax Return for Business in Canada

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The Third Video is International Students & Income Tax: How to file a Canadian tax return. This has 16 segments to it and this video is 5 out of 16 in the segment. They Talk about how to File your taxes if your International Student and what package might be the best for you. They also talked about when income taxes are due. You need to file your income tax before April 30th to not receive a penalty for overdue. I picked this video because the International Student already pay a lot of money to go to school here and it's a good way for them to make some money back form the tax incomes.

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International Students & Income Tax: How to file a Canadian tax return

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The Second Video is 8 Ways to Reduce Taxes In Canada. The video Has 8 ways for you to reduce your Taxes. Anyone who Donations $200 and under you can Deduct 15% From your  Donations and For $200 and more you can deduct  29% from your Donations. You can get those Deduct as long as you don't exceed $1000 in Donations. Another way you can save money is if you use your personal vehicle for work. Certain Expenses can be deducted because you use your own vehicle for work. I picked this because they had a really good point like deducting money from Donations and Personal Vehicle Expenses that can be deducted.

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April 30th, the due date for personal tax returns in Canada is quickly approaching and many of you might be asking yourselves "how can I reduce my taxes?" This video will show you 8 ways in which Canadians can reduce their taxes.

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The First Video is 4 Ways For Canadian Families to Pay Less Tax. The videos has 4 key ways to save you money on your Tax Income.  The first tip that can save money on tax income is the family tax cut. That allows you to transfer up to $50 000 of taxable income to a spouse that in a lower tax bracket. That results in maximum tax relief you can get of $2000. This Video had really good ways for people to save some money on their income tax. I picked this video because I didn't know that you could transfer up the money of taxable to your spouse.

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How To Save Tax For Canadians - Income Tax Tips You Should Know

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The income tax is a tax that governments impose on income generated by businesses and individuals. By law, any taxpayers must file an income tax return annually to determine their tax obligations.