Canada Revenue Agency

Canada Revenue Agency (CRA)
T.I.P.S. (Tax Information Phone Service) 1-800-267-6999
Individual income tax enquiries 1-800-959-8281
Income tax refund enquiries 1-800-959-1956
Information and services for businesses
and self-employed individuals 1-800-959-5525
GST/HST credit 1-800-959-1953
For a full list of contact information see:
http://www.cra-arc.gc.ca/contact/menu-e.html

Canada Revenue Agency Home Page
http://www.cra-arc.gc.ca/

CRA Online Course – Learning About Taxes
http://www.cra-arc.gc.ca/tax/individuals/topics/learn-tax/menu-e.html

Canada Income Tax
http://www.cra-arc.gc.ca/tax/individuals/menu-e.html
1-800-959-8281

Business Taxation
http://www.cra-arc.gc.ca/tax/business/menu-e.html
1-800-959-5525

Goods and Services Tax / Harmonize Sales Tax (GST/HST)
http://www.cra-arc.gc.ca/tax/business/topics/gsthst/menu-e.html
1-800-959-1953

Other (Non-resident, Charities, Non-Profits, Trusts, etc.)
http://www.cra-arc.gc.ca/tax/menu-e.html

Canadian Tax Basics

In Canada, taxes, tariffs, and duties are collected by different levels of government to fund their programs and services. The three levels of taxation are:

  • Federal, through the Canada Revenue Agency;
  • Provincial / Territorial, through respective provincial/territorial finance or revenue departments; and
  • Municipal, through local government.

There are different types of tax applied by these levels of government on consumers, wage earners, and businesses. The basic types of taxes include:

  • Income tax derived from an individual’s employment or a corporation’s business revenues;
  • Consumer (retail or sales taxes) and Excise taxes, levied on the production, sale, or consumption of goods and services;
  • Property taxes, derived from the sale and transfer of property.
  • Import / Export, based on the movement of goods across borders.

The amount of tax each Canadian pays depends on a number of factors including:

  • Your employment income (how much you earn)
  • Where you live (your province, city, and whether you own or rent)
  • What deductions you are eligible to declare (amounts you can subtract from your income to reduce your taxable income); and
  • The products you consume and the consumption taxes associated with those products.

RRSP

March 1, 2011 – Canadian RRSP Deadline for 2010 Tax Year This is the deadline for making RRSP contributions for deductions against your 2010 tax filing. For online tools to assist you in calculating investment and RRSP contributions, see our list of RRSP Calculators / Investment Calculators.

What is an RRSP?

A Registered Retirement Savings Plan (RRSP) is a retirement investment plan registered with the government to which you or your spouse can contribute through RRSP-eligible investments, such as some stocks and mutual funds. For information on what investments are RRSP eligible, please contact a financial advisor and/or your financial institution.

Deductible RRSP contributions can be used as a means to reduce your taxes. Amounts earned in the RRSP investment is usually exempt from tax for the time the funds remain in the plan. When you cash in or receive payments from the plan (typically at retirement) you will then pay tax on those amounts.

When is the the RRSP deadline for the 2010 tax year?

March 1, 2011, is the deadline for contributing to an RRSP for the 2010 tax year.

How much can I deduct on my 2010 taxes?

The amount you can deduct on your tax filing is based in part on a percentage of your previous year’s earnings and any eligible deduction room carried forward from the previous year. Your RRSP deduction limit is shown on your Notice of Assessment or Notice of Reassessment for the previous tax year.

If you are unable to use any part of your RRSP deduction limit, the unused amount can be carried forward to next year, increasing your deduction limit for that year. Unused deductions can be carried forward indefinitely.

When can I withdraw money from my RRSP?

Funds are usually held in an RRSP plan until retirment at which time they may be withdrawn or migrated to other investment plans. If your RRSPs are locked-in you will not be allowed to withdraw funds from them without penalty until you terminate employment and the plan (i.e. retirement). Contact the issuer / financial institution holding your RRSP investments for further information about withdrawl and see the Canada Revenue Agency web site for information on withholding rates on withdrawls.

Two programs exist for making withdrawls tax-free from your RRSP under the requirement that you repay the amounts.

  • The Home Buyers’ Plan allows you to withdraw up to $20,000 from your RRSPs to buy or build a home for yourself or for someone who is related to you and is disabled. You have up to 15 years to repay the amount to your RRSP.
  • The Lifelong Learning Plan also allows you to withdraw up to $20,000 (limit of $10,000 annually) from your RRSPs to finance training or education for you or your spouse or common-law partner. You cannot use your RRSP to fund a child’s education.

Where can I get more RRSP information?

For further information about RRSP deduction limits please consult:

Canadian Tax Forms

Federal Income Tax Forms

Canada Revenue Agency
http://www.cra-arc.gc.ca/formspubs/menu-e.html

Provincial / Territorial Income Tax Forms

Some provinces / territories do not prepare / maintain their own tax forms and guides but refer users to the Canada Revenue Agency.

Newfoundland
See CRA: http://www.cra-arc.gc.ca/formspubs/menu-e.html

PEI
http://www.gov.pe.ca/infopei/onelisting.php3?number=20575

Nova Scotia
See CRA: http://www.cra-arc.gc.ca/formspubs/menu-e.html

New Brunswick
See CRA: http://www.cra-arc.gc.ca/formspubs/menu-e.html

Quebec
http://www.revenu.gouv.qc.ca/eng/pub_form/index.asp

Ontario
http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/Splash?Openform&ENV=WWE

Manitoba
http://www.gov.mb.ca/finance/taxation/forms.html

Saskatchewan
http://www.gov.sk.ca/finance/formsall.htm

Alberta
http://www.revenue.gov.ab.ca/publications/tax_rebates/index.html

British Columbia
http://www.rev.gov.bc.ca./ctb/Forms.htm

Nuavut
See CRA: http://www.cra-arc.gc.ca/formspubs/menu-e.html

NWT
See CRA: http://www.cra-arc.gc.ca/formspubs/menu-e.html

Yukon
See CRA: http://www.cra-arc.gc.ca/formspubs/menu-e.html

2010-2011 Canadian Tax Deadlines

December 31, 2010
December 31 of the year you turn 71 years of age is the last day you can contribute to your own RRSP.

January 31, 2011
Due Date for filing and remitting Goods and Service Tax / Harmonized Services Tax (GST/HST) for the prior quarterly reporting period. (Applicable to businesses, not personal tax.)

February 2011
Starting February 2011, you can get a printed copy of the 2010 General income tax and benefit package mailed to you by calling the CRA at 1-800-959-2221. Between February and early May 2011, the General guide and forms book for your province or territory are available from any postal outlet or Service Canada office near you.

February 2010 (TBD)
The first day for using TELEFILE or NETFILE to electronically file your 2010 CRA tax return will be announced early in 2011. For TELEFILE, call 1-800-959-1110.

Continue reading 2010-2011 Canadian Tax Deadlines