AFM202 Chapter Notes - Chapter 2: Sole Proprietorship, Net Income, Corporate Tax
16 Oct 2016
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Taxation of individuals pg 91 - 98. Individuals taxpayers other than corporations (individuals or trust) Losses may reduce income and capital gains to zero, but not below. Those who are (or who have spouses who are) self-employed (have business income) may file their tax returns on june 15, but must pay by april 30 if owing anything. If deadline is on holiday (includes sundays), then it is extended to following day (cra considers. Else, they do not have to file a tax return (unless minister of national revenue requests: may still be worthwhile to do it due to gst credit or other provincial credits (most people get tax refund) (ex. Canada child benefit - for first child) Gst credits payout is separate from income tax, and is based on income, marital status, and number of dependent (18 and below) children: may also increase rrsp contribution room with earned income.
