Tax paid on one’s personal income as distinct form the tax paid on the firms earnings. In an incorporated firm , the owners (shareholders) pay taxes on both their income (salary or dividend from the firm) firm’s income. In partnership and sole-ownership, the tax is paid only once on the firm’s profit.
You have to file a return for every year if:
- You have to pay tax for the year.
- You want to claim a refund.
- You want to claim the working income tax benefit.
- You or your spouse or common-low partner want to begin or continue receiving the following payments (including any related provincial or territorial payments)
- Canada child benefit (CCB).
- GST/HST credit.
- Guaranteed income supplement (GIS).