Dec 14, 2024 · There is a temporary GST/HST break on certain items from December 14, 2024, to February 15, 2025. During the tax break, no GST or HST (whichever applies in your province or territory) will be charged on qualifying items. No GST/HST will be charged on certain qualifying items from December 14, 2024, to February 15, 2025.

Find out which deductions, credits and expenses you can claim to reduce the amount of tax you need to pay.

Dec 9, 2019 · The basic personal amount (BPA) is a non-refundable tax credit that can be claimed by all individuals. The purpose of the BPA is to provide a full reduction from federal income tax to all individuals with taxable income below the BPA. It also provides a partial reduction to taxpayers with taxable income above the BPA.

For conditions on your personal exemptions and more complete information, see What you can bring home to Canada. There are no personal exemptions for cross-border shoppers. You can claim goods of up to CAN$200 without paying any duty and taxes. You must have the goods with you when you enter Canada.

Individuals resident in Canada are subject to Canadian income tax on worldwide income. Relief from double taxation is provided through Canada's international tax treaties, as well as via foreign tax credits and deductions for foreign taxes paid on income derived from non-Canadian sources.

Dec 10, 2024 · Canadian residents are taxable on worldwide income, whether remitted in Canada or not. Most fringe benefits (e.g. interest-free or low-interest loans) received or enjoyed in connection with employment are also taxed as employment income.

The Canada Border Services Agency collects duty and taxes on imported goods, on behalf of the Government of Canada.

Nov 12, 2020 · The Canada Revenue Agency allows you to deduct amounts from the tax that you owe based on your taxable income. These calculations are carried out in Section 5 of the tax return (formerly Schedule 1) and known as Non-Refundable Tax Credits or NRTCs.

Dec 10, 2024 · Unlike countries that permit personal exemptions and allowances in determining taxable income, Canada has adopted a system of tax credits. See the Other tax credits and incentives section for more information. Business deductions for self-employed individuals generally include all reasonable expenses that have been incurred to earn business income.

Jan 29, 2024 · A newly introduced tax deferral option is the First Home Savings Account (FHSA), which allows you to save up to $40,000 for the purchase of your first home. Like the TFSA, the money, once inside the FHSA, can grow tax-free. Primary residences are also exempt from capital gains taxes on the profits of the sale.