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Calgary, like the rest of Canada, follows the federal system of taxation. That means there are both federal and provincial taxes applicable to the residents of Calgary. These taxes include: income tax, corporate tax, sales tax, and property tax among others. The revenues collected fund the public services such as healthcare, education, and infrastructure development. Tax laws can be complex and subject to changes, hence a professional understanding can be beneficial for individuals and businesses.
Tax laws have profound impacts on individuals and businesses. Individuals may need help understanding the Canadian Income Tax Act and how it applies to their personal financial situations. Businesses may need assistance with tax planning, audits, appeals, and various other tax-relate complications. Having a tax lawyer is beneficial to interpret laws, handle disputes with Canada Revenue Agency (CRA), avoid penalties, and to assist with estate planning or setting up a new business.
Calgary follows Alberta's provincial tax laws in addition to federal tax laws. Notable aspects include Alberta's single-rate tax system, meaning individuals pay a flat tax rate of 10% irrespective of their income level. For corporations, the general corporate income tax rate is 10%, while the small business rate is 2%. GST is 5% and is same all across Canada. Property tax is levied by the city of Calgary and varies depending on the assessed value of the property and the annual tax rate set by the City Council.
The tax year in Calgary, and Canada as a whole, is from January 1st to December 31st.
For individuals, the late-filing penalty is 5% of the balance owed, plus 1% of the balance owed for each full month your return is late, up to a maximum of 12 months. For businesses, the penalty may be more severe.
Yes, you have the right to appeal against a decision made by the CRA either by objecting to the notice of assessment or by filing an appeal in the Tax Court of Canada.
As per Canada's federal income tax brackets, for the year 2021, you can earn up to $13,808 without paying federal tax. However, you may be subject to provincial taxes.
Yes, a tax lawyer is essential in handling charges of tax evasion. They are knowledgeable about tax laws and can provide legal representation and advice to help handle the complex process and reduce potential penalties.
Here are some Governmental bodies and organizations related to Tax that can be helpful:
If you need legal assistance in Tax, consider reaching out to a tax lawyer in Calgary. You can consult professional law firms that specialize in tax law, or use referral services through the Law Society of Alberta. Ensure you have all relevant documents and detailed information about your case to help your lawyer provide the best advice and representation.
