Tax return (Canada)

rdf:langString Tax return (Canada)

rdf:langString A Canadian tax return refers to the obligatory forms that must be submitted to the Canada Revenue Agency (CRA) each financial year for individuals or corporations earning an income in Canada. The return paperwork reports the sum of the previous year's (January to December) taxable income, tax credits, and other information relating to those two items. The return is the method by which the Canadian government determines the appropriate amount of tax that should be paid by individuals and corporations. The result of filing a return with the federal government can result in either a refund (money owed to the person or corporation filing the return), or an amount due to be paid. There is a penalty for not filing a tax return. In generalised terms, a tax return refers to the yearly income declaration created by the taxpayer for every individual in the country. This enables tax authorities to declare if an individual is legible to be given back the tax that they had paid over the year. Canadian federal tax returns are filed with the Canada Revenue Agency (CRA). Individuals and corporations who reside or conduct business in the province of Quebec also file separate returns with Revenu Québec. In addition to tax purposes, the return plays a role in voter registration by including a checkbox asking if the signee if they are willing to have their personal contact information included on a national voter registry which is accessible by Elections Canada and its provincial equivalents.