TheFei.ca Tax clinic opens on March 1st, 2024, till April 30th, 2024. It will be held at two locations in Edmonton and Calgary. TheFEI.ca is actively looking for volunteers.Register here:
Doing taxes is essential for several reasons:
Revenue for Government: Taxes are a primary source of revenue for governments. This money funds various public services and infrastructure, such as education, healthcare, transportation, and public safety.
Legal Obligation: In most countries, filing taxes is a legal requirement for individuals and businesses. Failing to do so can result in penalties, including fines and legal action.
Social Responsibility: Paying taxes is a civic duty. It contributes to the overall development and welfare of the society.
Personal Benefits: For individuals, filing taxes can lead to potential refunds, tax credits, and deductions, which might be beneficial financially.
Economic Stability: Taxes help maintain economic stability by enabling governments to manage public finances effectively.
Overall, taxes are crucial for maintaining and improving the infrastructure and services of a society, as well as fulfilling one’s legal and social responsibilities.
Some questions and answers:
When can I file my 2023 tax return in Canada?
You should file a tax return before the April 30 deadline after the end of the tax year. You’ll need your social insurance number and T4 or final payslip to file. While the deadline is April 30, you can file your tax return in February after the end of the tax year.
What is considered low income in Canada?
Factors such as the number of family members or the cost of living where a family lives adjust the cut-off point. A family of six earning $70,000 a year could be considered low-income, while a single person earning $30,000 may not.
Who should file a tax return?
Doing taxes is essential for several reasons:
Revenue for Government: Taxes are a primary source of revenue for governments. This money funds various public services and infrastructure, such as education, healthcare, transportation, and public safety.
Legal Obligation: In most countries, filing taxes is a legal requirement for individuals and businesses. Failing to do so can result in penalties, including fines and legal action.
Social Responsibility: Paying taxes is a civic duty. It contributes to the overall development and welfare of the society.
Personal Benefits: For individuals, filing taxes can lead to potential refunds, tax credits, and deductions, which might be beneficial financially.
Economic Stability: Taxes help maintain economic stability by enabling governments to manage public finances effectively.
Overall, taxes are crucial for maintaining and improving the infrastructure and services of a society, as well as fulfilling one’s legal and social responsibilities.