- Canada Revenue Agency (CRA)
The 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 Canadian federal value added tax) of 5% in all provinces except Quebec. In British Columbia, New Brunswick, Newfoundland and Labrador, Nova Scotia and Ontario the Goods and Services Tax (GST) has been replaced by the Harmonized Sales Tax (HST).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
The Canadian Institute 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 internationally.
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Taxable 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 proprietorship.
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.