As a Canadian citizen, it is important to understand your responsibility when it comes to your tax obligation. All income-earning individuals are required to fill in and submit their tax returns. In the case of a business, there are a lot more tax responsibilities that must be adhered to.
Taxation in Canada is regulated by the Canadian Revenue Agency (CRA). This tax is collected by the CRA and used to promote Canadians’ continuous economic and social well-being.
We recommend evaluating whether you require professional CRA services, such as Kevin Martin Accounting in Halifax. Dealing with taxation and dealing with the CRA can be quite daunting to those who have not studied or worked in those industries.
We thought it would be beneficial to you if we explained your responsibilities are as a Canadian taxpayer and as an individual.
Overview
It is solely your responsibility to ensure that you report your total income and have calculated your tax obligation correctly. It’s a lot more simple when you only have one source of income, a salary, for which your tax is already withheld every month to pay.
Filing
You are responsible for ensuring that your tax return is filled out correctly and that all information is true and accurate. You will also need to be aware of when the deadlines are and to file your return before the allocated deadline.
Paying
You need to ensure that, in terms of what you have calculated, you have paid the correct amount. As with your obligation to file on time, there is also a deadline for when you should pay. Adhere to your deadlines to ensure you are always compliant with the CRA.
Information
Once again, it is your responsibility to keet all relevant information about your tax returns. If anything is requested, you will need to provide it.
Although the CRA is available to assist you, it may be better to go with a professional in the field who is also an independent party.
If the CRA obligations seem daunting to you, consider Kevin Martin Accounting for all your CRA services in Halifax. Our highly trained team would be excited to assist you with anything you need.
Reach out to us today!
