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A Capital gains tax was first introduced in Canada by Pierre Trudeau and his finance minister Edgar Benson in the 1971 Canadian federal budget. [56] Some exceptions apply, such as selling one's primary residence which may be exempt from taxation. [57] Capital gains made by investments in a Tax-Free Savings Account (TFSA) are not taxed.
A notice of assessment under subsection 152(7) of the Income Tax Act will be issued. This 152(7) assessment is commonly known as an arbitrary assessment. Collection actions may follow. The taxpayer could file an amended tax return to reduce the tax bill. Once amended returns are filed, an audit is normally triggered. [citation needed]
Tax returns for deceased individuals must be filed by the normal filing deadline or 6 months after the date of death, whichever comes later. Example: Mary dies on January 30, 2004; her 2003 return is due on July 30, 2004 (six months later) and her 2004 return is due on April 30, 2005 (normal filing deadline).
Here’s another offering backed by Liberty Tax: ESmart Tax offers free e-filing of 1040EZ and state forms. Both FreeTax and ESmart are solid options if you feel more comfortable with the Liberty ...
The IRS Free File program opened Jan. 13 for taxpayers to use to prepare their returns. But the program doesn’t accept tax returns for processing until Jan. 23 when the tax-filing season ...
The Income Tax Act, Part I, subparagraph 2(1), states: "An income tax shall be paid, as required by this Act, on the taxable income for each taxation year of every person resident in Canada at any time in the year." After the calendar year, Canadian residents file a T1 Tax and Benefit Return [5] for individuals. It is due April 30, or June 15 ...
The most prominent form of local government in Canada is municipal government, which is a local council authority which provides local services, facilities, safety and infrastructure for communities. Municipal governments are local general-purpose authorities which provide services to all residents within a defined geographic area called a ...
Canada has a total of 5,162 [1] municipalities among its 10 provinces and 3 territories that are subject to some form of local government. Matrix of municipalities [ edit ]