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In generalised terms, a tax return refers to the yearly income declaration created by the taxpayer for every individual in the country. This enables tax authorities to declare if an individual is eligible to be given back the tax that they had paid over the year. Canadian federal tax returns are filed with the Canada Revenue Agency (CRA).
The Canada Revenue Agency (CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits. [4] Legislation administered by the CRA includes the Income ...
The general corporate tax rate on business income—the net tax rate after the general tax reduction, is 15%. [1] For Canadian-Controlled Private Corporations (CCPCs)s eligible Small Business Deduction (SBD), the net tax rate 9% as of January 1, 2019. [1] The provinces or territories have a dual rate—a lower rate and a higher rate which is ...
Unlimited liability corporation. An unlimited liability corporation (ULC) within Canadian corporate law is a Canadian corporation designation, wherein shareholders are liable up to unlimited amounts for any liability, act or default of the corporation. By comparison, in most corporations, shareholders are not usually liable due to a limited ...
[58] [59] CRA has a number of criteria to determine whether this will be the case. For corporations as for individuals, 50% of realized capital gains are taxable. The net taxable capital gains (which can be calculated as 50% of total capital gains minus 50% of total capital losses) are subject to income tax at normal corporate tax rates.
The T2 Corporation Income Tax Return or T2 is the form used in Canada by corporations to file their income tax return. All corporations other than registered charities must file a T2 return for every taxation year, regardless of whether tax is payable. [1] The form has to be filed within six months of the end of each corporation's fiscal year. [2]
The T1 General or T1 (entitled Income Tax and Benefit Return) is the form used in Canada by individuals to file their personal income tax return.Individuals with tax payable [1] during a calendar year must use the T1 to file their total income from all sources, including employment and self-employment income, interest, dividends, and capital gains, rental income, and so on.
The California Department of Corporations ( DOC) was a department within the former California Business, Transportation and Housing Agency in California. The chief officer of the Department was the Commissioner of Corporations. Effective July 1, 2013, the Department of Corporations and the Department of Financial Institutions became divisions ...