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Frequently Asked Questions
Do I need to file taxes?
If you are a resident of Canada, you have to file an income tax return for each member of your family. Many individuals are eligible for benefits and refunds, but you must file to claim those.
When do I receive my T4 slip?
Employers start sending out T4 slips in February. You should receive your T4 from your employer by the end of February.
What is the federal tax bracket in Canada?
The federal tax rates are the percentages used to calculate how much tax you owe. There are brackets of income – the more you make, the higher the tax rate. These rates change from year to year, please visit the Government of Canada website for current rates.
How do I pay if I owe?
You can pay CRA online through your CRA portal just like you do when you shop online.
What is a TFSA?
Tax-Free Savings Account (TFSA) is a type of bank account. Interest earned on money deposited into a TFSA account is not taxable income. There are limits to how much you can contribute set by the federal Government of Canada every year.
Is there a deadline for my TFSA contribution?
Since you can carry forward your unused contribution amounts, there is no
deadline for TFSA contribution.
What is an RRSP?
Registered Retirement Savings Plans are special savings accounts specifically designed to help people save for retirement. Contributions are often tax deductible on a Canadian tax return.
Is the RRSP contribution tax-free?
Your RRSP contribution is tax deductible but as long as your RRSP investment stays
in the plan, your RRSP grows tax-free.