{"id":18,"date":"2016-04-26T08:40:51","date_gmt":"2016-04-26T08:40:51","guid":{"rendered":"https:\/\/blog.myslcpa.ca\/?p=18"},"modified":"2021-09-28T08:54:04","modified_gmt":"2021-09-28T08:54:04","slug":"money-market-rates-finding-the-best-accounts-in-2016","status":"publish","type":"post","link":"https:\/\/blog.myslcpa.ca\/?p=18","title":{"rendered":"Income Tax"},"content":{"rendered":"
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Personal Income Tax<\/h2>\n

If you were a B.C. resident on December 31 or earned income in B.C. you may need to file an income tax return for the tax year.<\/p>\n<\/div>\n

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B.C. income taxes are administered by the Canada Revenue Agency (CRA). Forms to calculate your B.C. income tax are included with the T1 Income Tax Return<\/a>. Even if you don\u2019t owe income tax, you can file an income tax return to claim a refund, credits, or benefits.<\/p>\n

Special rules<\/a> may apply to trusts, bankruptcies, part-year residents, non-residents, tax on split income, taxpayers subject to alternative minimum tax, taxpayers who pay tax in more than one jurisdiction, and credits filed in separate returns.<\/p>\n

Source deductions<\/h4>\n

Source deductions are income tax deductions made from payments you receive, such as from an employer or pension administrator. You must complete a TD1BC<\/a> so your employer or pension administrator can calculate the amount of tax to deduct from your payment.<\/p>\n

Corporate income tax<\/h2>\n
Corporations that maintain a permanent establishment in B.C. at any time during the tax year must file an income tax return.<\/span><\/div>\n
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Corporate income tax is administered in partnership with the Canada Revenue Agency<\/a> (CRA). To learn more about filing a corporate income tax return, see CRA\u2019s website<\/a>.<\/p>\n

Reporting and paying tax<\/h4>\n

To report corporate income tax, you\u2019ll need to file a tax return with CRA. You file your provincial corporate income taxes with your federal income tax return using your business number. Corporations must file a return every tax year even if there is no tax payable. <\/p>\n

You don\u2019t need a separate provincial account number.<\/p>\n

Read more about filing and get answers to your questions related to filing corporate income tax<\/a>. Learn about your options for making a payment<\/a>.  <\/p>\n