Hey guys, how are you doing? Welcome back to my YouTube channel. It's Eagle here. Today, we're going to talk about filing taxes for the first time in Canada. Now, I've been here for a while as you know, and as an international student, I've been working. I want to share with you why you should be filing taxes if you're an international student or a local student. Also, I'll share some of my success stories and also some of the stories where I was not very successful in filing my taxes. Filing taxes in Canada - why, when, and why you should file them. You should file your taxes at the end of March, usually. What you would need to file your taxes is, for example, if you are a student, you would have to submit your expenses. If you are working, you have to submit your T4. T4 is a form that your employer is going to send you. So, how it works in Canada is your employer is paying a part of your income every single month. Or actually, I think employers actually receive that money and they pay it once a year or something. It doesn't matter how they do that, what's important is, they keep part of the money and they pay it to the Government of Canada at the end of the financial year. So, the money that you're making, part of it is going towards taxes. Now, if you made not enough money according to regulations and everything, they're going to do calculations and everything. So, what happens usually at the end of the year if you're not making a lot of money when you're working, most likely, you're going to get paid by the Government of Canada. Almost everyone I know is getting...
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Revenue canada Form: What You Should Know
Pensionable Earnings in excess of the basic retirement benefit available to you. Form E1 — Canada Revenue Agency 2024 Return of Information This is a simplified version of Form E1 that the CRA uses for the annual information return, known as the Income Tax Return for Establishing Resident Status. These return forms can be used to report the source of all or a portion of your annual income tax. Form P3 — Canada Revenue Agency 2024 Return of Information This form is available for use on the CRA website. The information on this form has been taken from the Canada Revenue Agency annual Return of Information about Business and Professions. Exemptions from the Self-Employment Tax The following persons are not required to file information returns: Self-employed people for compensation; Exempted employees who receive salary, wages, or any other remuneration; and Exempted employees who derive an income from a source outside Canada. This income can be a personal amount (i.e. a pension) paid from outside Canada and/or a source outside Canada that is exempt from tax. Individuals who have paid into a retirement fund and received a retirement allowance based on their income or contributions. This income usually constitutes a pension; this exemption does not apply to pensionable income. Individuals who are enrolled in an employee trust or superannuation scheme, unless they have entered into a separate contract with the employer agreeing to make contributions to the trust or superannuation scheme. They are exempt from the Self-Employment Tax only if the contributions to the individual's trust or superannuation scheme are paid directly or indirectly by the employer with the knowledge and consent of the employee(s). Taxpayers who are enrolled in personal or corporate income tax return preparing services (e.g. those providing pretax and or net operating Loss preparers). Taxpayers who receive income from a source outside Canada that is exempt from tax. To qualify, they must be exempt from the Income Tax Act and the Canada Pension Plan or another federal, provincial or territorial pension plan or plan of arrangement as well as other pension income received by them that does not qualify for this exemption. If you have any questions or need to file the 2024 return of information, please call the Canada Revenue Agency. Taxpayers who receive income from a source that is included in the gross income of the taxpayer.
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