FAQ
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Tax Return, accounting for companies in Canada and much more.
A Tax Return is the form where you report your income, deductions, credits, and taxes paid. A Tax Refund is the reimbursement of the excess tax paid over the amount owed.
Anyone with a valid Social Insurance Number (SIN): permanent residents, Canadian citizens, or temporary residents such as students or workers.
If you don’t have a SIN, you can use an ITN (Individual Tax Number) or TTN (Temporary Tax Number).
Even without employment income, students can file taxes using forms like T2202 or TL11A Even without employment income, students can file taxes using forms like T2202 or TL11A.
Canadian tax residents must declare foreign assets valued at CAD $100,000 or more that generate income. Use form T1135 (Foreign Income Verification Statement). Late filing penalties start at CAD $25 per day, with a minimum of CAD $100 and a maximum of CAD $2,500.
According to Canadian tax rules, all worldwide income earned by Canadian tax residents must be declared.
This includes income from abroad, but it doesn’t necessarily mean you’ll owe more tax.
Canada has tax treaties with several countries, including Brazil.
In Canada, you can choose from three main structures: corporation, partnership, or sole proprietorship. Each offers different tax and liability benefits.
The process involves selecting a business structure, naming your business, registering at the provincial or federal level, and obtaining the necessary business and tax numbers.
Businesses in Canada pay Corporate Income Tax, GST/HST (Goods and Services Tax/Harmonized Sales Tax), and Payroll Tax if they have employees.
It depends on the scope of your business. Federal registration allows you to operate across all provinces, while provincial registration limits your business to that specific jurisdiction.
The registration process can take from a few days to a few weeks, depending on the complexity of the business and the province.