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Tax law in Markham, Ontario, is governed by a combination of federal, provincial, and municipal regulations. Residents and businesses in Markham pay a range of taxes including income tax, property tax, and sales taxes such as the HST (Harmonized Sales Tax). Federal tax is administered by the Canada Revenue Agency (CRA), while the Ontario Ministry of Finance oversees the provincial aspects. Markham also has its own property taxation system, managed by the City of Markham to fund local services. Tax law can be complex, involving frequent legislative updates and specific compliance requirements for individuals and organizations.
Navigating tax matters can be challenging due to the complexity and ever-changing nature of tax laws. You may require a tax lawyer in Markham if you are facing:
A qualified tax lawyer can provide guidance, represent you in disputes, and help ensure compliance.
Markham residents and businesses must comply with tax laws at several levels:
Key aspects include timely filing of tax returns, accurate reporting of income, claiming eligible credits and deductions, and keeping records as required by law. Special rules may apply for self-employed individuals, non-residents, and corporations. Penalties and interest can apply for non-compliance.
Individuals pay federal and provincial income tax, and both residents and businesses pay HST on most goods and services. Property owners pay municipal property taxes. Businesses may also be required to remit payroll deductions, corporate income tax, and other levies depending on their operations.
If you disagree with an assessment, you can file an objection with the CRA within 90 days of the notice. It is recommended to seek the advice of a tax lawyer if your case is complex or involves significant amounts.
Late filing can result in penalties and interest charges. It’s important to file returns even if you cannot pay the full amount owing. A lawyer can help negotiate payment arrangements or address penalties.
While not mandatory, having a tax lawyer or professional represent you during a CRA audit can ensure your rights are protected, and that you respond appropriately to requests for information.
Yes, with proper tax planning and by making use of credits, deductions, and available legal structures. A tax lawyer or accountant can help develop strategies tailored to your situation.
Property tax in Markham is based on the Municipal Property Assessment Corporation’s (MPAC) assessed value of your property, multiplied by the city’s tax rate. It funds local services like schools, roads, and emergency services.
Businesses must register with the CRA for a business number, and may need to register for HST if their revenue exceeds a certain threshold. Provincial registration and municipal licensing may also be required depending on the business type.
Do not ignore the notice. Contact the CRA or the city tax office to discuss your options. If you believe the notice is incorrect or if you’re unable to pay, consult a tax lawyer for guidance on resolving the issue.
Non-residents are subject to different tax rules, particularly around income earned in Canada. Withholding taxes may apply, and proper filings are required. Legal advice is recommended to ensure compliance and minimize liabilities.
Information is available on the CRA and Ontario Ministry of Finance websites, as well as from the City of Markham for municipal taxes. However, if your situation is complex or you’re unsure, seek professional legal or accounting advice.
There are several resources and organizations available to support taxpayers in Markham:
If you believe you need assistance with a tax matter in Markham, consider the following steps:
Seeking informed advice early can help resolve tax matters more effectively and help you avoid unnecessary complications or penalties.
