Pre-Budget Consultations Now Underway!

Pre-budget consultations are now underway for this fall’s Federal Budget and Canadians are invited to share their views with Finance Minister Francois-Philippe Champagne through an online survey. Over the next several weeks, the Finance Minister and his team will meet with various stakeholder groups and review public submissions before finalizing the budget.

In some countries, such as the United States, taxation is based on citizenship. In Canada, however, the government levies income taxes based on residency. 

Federal tax returns are required to be filed by all Canadians who have a balance due or file to recover overpaid taxes or refundable tax credits. Provincial taxes for the whole year are based on your province of residence on December 31.

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Economists are calling the New Year’s cliffhanger a step in the right direction. When U.S. President Obama signed the bill that avoided the so-called “fiscal cliff,” it quieted the concerns of many American taxpayers.