Most countries tax employment income at the source when earned.
If you earn $120,000 annually and your effective tax rate is 35%, then each month your employer withholds (and hopefully remits on your behalf) roughly $3500 from your net pay-cheque. At the end of the year, you file your tax return and probably get a refund for overpayments during the year. (more…)
You must file a return if you owe the government taxes.
But even if you have no tax payable, it is usually a good idea to file a tax return. (more…)
But only if you are Canadian.
This Financial Post article discusses Gordon Pape’s book, The Ultimate TFSA Guide.
I strongly recommend taking advantage of the TSFA program if you are a Canadian adult.
Under today’s tax law, I see no downside for investors. Set one up soon.
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