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Canada Revenue Agency (CRA) rules establish the maximum discounting fee at 15% of the first 300 C$ ($45) plus 5% of any remaining refund. [1] No other fees for preparation or filing the return are permitted. The discount works out to a high effective interest rate. [2]
The tax system under the Department of Revenue management has remained almost unchanged since then. [1] In 1941 the General Assembly transformed the Motor Vehicle Bureau into an independent Department of Motor Vehicles , leaving the Department of Revenue with the responsibility of collecting the gasoline tax.
Tax returns in Canada refer 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 ...
Nearly 21 million people in the U.S. have already received their federal tax refunds, but North Carolina residents are still waiting on money from the state. That’s because the state just ...
The company began in Canada in 1997 when John Hewitt, co-founder of Jackson Hewitt, acquired a Canadian tax franchisor, U&R Tax Depot. In 1998, the company became Liberty Tax Service and opened five offices in the United States. [3] In 2012, it was named as a "Top 20 Franchise for the Buck" by Forbes, having grown to over 3,500 franchise ...
the Goods and Services Tax or Harmonized Sales Tax credit (GST/HST credit), Quebec Sales Tax credit or Saskatchewan Sales Tax Credit; the Canada Child Tax Benefit . Note that, the method by which these forms of income are not taxed can vary significantly, which may have tax and other implications; some forms of income are not declared, while ...
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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.