- Canada Revenue Agency (CRA)
Canada Revenue Agency (CRA) is a federal agency that administers
tax laws for the Government of
Canada and for most provinces and territories.The Canada
Revenue Agency administers most individual
income taxes in Canada except those
for residents of
Quebec.The taxation of corporations in Canada is
administered by the CRA except for the provinces of
Alberta and Quebec.The
Canada Revenue Agency collects the
Goods and Services Tax (GST) (the
value added tax) of 5% in all
provinces except Quebec.
Newfoundland and Labrador,
Nova Scotia and
Ontario the Goods and Services Tax (GST)
has been replaced by the
Harmonized Sales Tax (HST). The
Harmonized Sales Tax combines the national GST and the provincial sales tax
into a single transaction. HST is administered by the CRA.
- Chartered Accountant
of Chartered Accountants (CICA) is
founded by a Special Act of the Canadian Parliament in 1902. The
CICA has the function of setting accounting, auditing and
assurance standards for business, not-for-profit organizations
and government. The Canadian Institute of Chartered Accountants
(CICA) represents Canada’s CA profession both nationally and
entities in Canada
Three types of entities are subject to federal income taxation. They
are individual (T1), corporation (T2) and trust (T3). All three of them
are required to file tax return.
For income tax purposes, unincorporated business such as partnership
and proprietorship are not viewed as taxable entities. Rather, income
earned by unincorporated business is taxed in the hands of partners or
Individual income tax (self-employment.
If you or your spouse or common-law partner have
self-employment income (other than from a business whose
expenditures are primarily in connection with a tax
shelter), your filing due date is different from your
payment due date:
- Filing due date - File your
income tax return by June 15.
- Payment due date - Pay any
balance owing by April 30.