What is Income taxes in Canada?
Every Canadian with income must file an [[income tax return]] every year. People earning a small amount are [[exempt]] from this requirement.<ref>{{cite web | url=https://turbotax.intuit.ca/tips/who-is-required-to-file-an-income-tax-return-126 | title=Who is Required to File an Income Tax Return? &#124; 2022 TurboTax® Canada Tips | date=16 February 2022 }}</ref> Unlike Americans, Canadian citizens who live outside [[Canada]] are exempt from filing an income tax return and paying taxes to Canada, unless their income is derived in Canada. The income tax returns are assessed by [[Canada Revenue Agency]] (CRA). Sometimes the filer must pay and other times they get a [[refund]]. Most [[employee]]s pay income tax in advance through [[employer deduction]]s. This is called [[tax withholding]]. When tax witholding exceeds the income tax due for the year, the employee can get a refund when filing their tax return. Income tax in Canada is very complex. The [[Income Tax Act]] contains over over one million words<ref>{{Cite web |url=http://news.morningstar.com/all/canada-news-wire/20190410C7938/the-income-tax-act-11-million-words-and-counting.aspx |title=The Income Tax Act: 1.1 million words and counting! |access-date=2019-04-12 |archive-date=2019-04-12 |archive-url=https://web.archive.org/web/20190412062601/http://news.morningstar.com/all/canada-news-wire/20190410C7938/the-income-tax-act-11-million-words-and-counting.aspx |url-status=dead }}</ref> The [[deadline]] for filing an income tax return is April 30th of the following year. Those who owe money to the government and miss the deadline pay [[interest]] on the amount owed plus a [[Tax penalty|penalty]]. ==References== {{reflist}} [[Category:Taxation in Canada]] [[Category:Income|tax]] {{Canada-stub}}