|
| |
Frequently
Asked Questions:
Do you know your effective income tax
rate?
Q. How much Tax do I pay?
Canadians usually pay at a minimum 22% to a maximum of 60% of their
income in taxes. This does not include the everyday consumer and
business and living expense taxes that we pay.
Q. I do not have any income, do I need to file Income Tax?
Its a good idea to file income tax return even if you have low or no
income. You may qualify for GST refund, rent subsidy, MSP and
Medicine subsidy etc.
Q. I have not filed for several years. What do I do now?
File all your past returns as soon as possible. We can go back 15
years to file your past returns. Until you file, you would not know,
how much money is waiting for you.
Q. I can do my own Tax. Why do I need tax help?
Yes, you can do your own tax, if you do not mind paying 22-60% of
your income in taxes. If you miss a deduction, CRA is not going to
include it for you. Saving on taxes can increase your income by
20-40%. Think about the dollar value of your income you pay in tax.
Do you know of any wealthy people doing their own tax? CRA has
trained people working for them to take money from you. Who do you
have on your side?
Q. Why can't I use a tax software to do my tax return?
This is the biggest misconception of all. A tax software is
just a financial tool to simplify processing of your tax return. The
companies developing and selling tax software in retail kiosks,
don't even use their own software to do their taxes. Its just a
revenue source for companies to make money from the masses.
All tax preparation software, base their calculations on the
information users provide when completing their returns. If you miss
it, you lose it.
Here
is a news about recent tax software fiasco and how it can ruin life.
Another news about hidden agenda of Tax Software.
Q. Why shouldn't I go to a national Tax Preparation chain?
Yes you can, if you like to pay excess fees, less service, support
and being treated like nobody. These chains just work for 3 months
of the year and you will not see a familiar face from one year to
another.
|
| | |
