Tips

 

For your convenience we have incorporated a list of various links from Canada Revenue Agency (CRA) website. In case, you are looking for tools/ information that are not mentioned here, you can contact the same through our “Contact Us” page. We shall make all efforts to get it listed here and make this list more comprehensive.

1) Understand and calculate your tax liability 

Individuals can know about the latest federal and provincial tax rates and how to calculate their tax liability.

2) Know the maximum contributions you can make to Canadian Pension Plans

Employees and self employed individuals can know about their maximum contributory earning allowed and the maximum contribution they can make to the Canadian pension plan in 2014.

3) Employment Insurance Rates and total contribution towards employment insurance that can be made in 2014

Employers and employees can know the maximum insurable earnings and the premium they need to contribute towards the insurance.

4) Corporations can know their tax liability

The links provides details on corporate tax and provincial tax rate slabs and how they change with the amount of taxable earnings.

5) GST/HST rates

Here you can learn about the applicable GST/HST rates in different provinces.

6) Interest payable and receivable on pending taxes and tax refunds

Know the latest prescribed interest rates on tax amount that will apply to any amount that individual or corporation owe to CRA and vice versa.

7) Late filing penalties – individuals 

Know the applicable penalties in case you miss the deadline of filing your tax return or fail to report about an income source repeatedly or understate your income in the returns either purposefully or due to negligence.

8) GST/HST penalties and interest

Know the penalties and interest applicable if you either fail to file your GST/HST returns, fail to file electronically or fail to accurately report information.

 9) Penalties for filing information return late (T4s, T5s, etc.)

Know the penalty for failure to file an information return by due date.

10) Tax calculator

This useful tool will help you calculate your tax conveniently.