No matter whether you are a Canadian resident or a prospective immigrant to Canada for work purpose, this write up will help you learn a few important things about the country’s income tax regulations. Income tax filing in Canada is one of the most important aspects that needs your attention when you set to work in Canada. Here, we will throw the lights on few basics of the Canadian Income Tax.

The Canada Revenue Agency requires its residents to file for a tax return for the previous year. In certain cases, Canada may also require international and non-resident individuals to file an income tax return. This means the entitled individuals are needed to file for the return to pay the accurate amount of income tax owed to them; to avail a various benefits, including the benefits under the Old Age Security Program; and to pay back overpayment of the benefits, like employment insurance.

For your information, usually the deadline for filing income taxes in Canada is midnight of April 30. In case, if you owe income tax and delay in your filing for the return, you may be asked for penalty and interest on the unpaid amount by the Canada Revenue Agency.

Before filing your Income Tax Return, make sure you have the following things with you:

• Your Canadian Social Insurance Number.
• Self-employment income information.
• Various tax information slips, including slips from your employer; slips from the Canada Revenue Agency for the amount of income you received and how much was deducted.
• Tax deduction receipts.

You can file an Income Tax Return through a number of ways. It is up to you as to which way it would be convenient for you. You can do this through any of the ways- by mail, where the only cost involved is just a stamp; or by Touch-tone Phone, called TELEFIL; NETFILE, which is via Internet; or EFILE, where you prepare the income tax return by your own and take it to a service provider in order to process it electronically.