Taxation is an important part of Canadian economy. People who pay taxes gain benefits from the programs that are sustained courtesy the amount of contribution they make through their taxes.
For instance, there are old age pension plans for people of age group 65 or more than that. Also, regular taxes may mean that workers injured at work may get compensation depending upon their contracts and the amount of money they pay for the taxes. These are some of the instances to let the newcomers know about the importance of taxation in Canada.
In addition to that, taxes are paid so that government can provide better and better services to the nationals like better commuting options, better health care services and quality education, to name a few.
There are a variety of taxes paid by the Canadians. Also, every year, it is mandatory to submit an Income Tax and Benefit Return to acquaint the government of you annual income and other facets linked with your tax paying schedule. If additional tax has been paid by you by mistake, you will be refunded back, provided you tell all the correct details about your yearly income. Vice versa, if less tax is paid, you will need to pay more in accordance with the income.
It is essentially mandatory to pay your income tax return so get government benefits like Canada Child Tax Benefit, etc. You can also save your money by opening a Tax-Free Savings Account or invest in Registered Retirement Savings Plan. Newcomers are advised to call 1 800 959 2221 for more info on the same.
