Anyone that is making a salary in Canada is liable to pay taxes to the government as is provided in the law. These taxes are the amounts of money that go into the payment of the civil servants and completion of the government services and projects across the country. Without the taxation system, the Canadian government would not be in a position to provide services to the people including education, health and transport among others. For the citizens, it is crucial that they do their taxes returns and file them accurately.
Filling out tax returns is crucial for both the government and the tax payers in the interest of the entire country
Most people will feel that it is not important that they should disclose their full income details in the interest of reducing the amount of money that is deducted from their salaries. This may surmount to tax evasion and it is a crime. As such, it is crucial that the right information is filled on the forms to avoid legal and social repercussions. At the same time there chances of getting tax refunds from the government. This is mostly the case where one is working for a company that ends up deducting more taxes than are required. By filling the forms, it becomes much easier to follow up and get the refunds. Most of the financial institutions have made a mandatory requirement to produce tax returns document, whenever one is applying for financial assistance such as loans. Immigrations officers and insurance officers also have followed suit. For citizens that do not feel the forms, it becomes very difficult to get services.
For one to prepare the most accurate returns, they must have the right forms required by the law. At the say time they must have their documents that relate to the salaries, investment and the returns if there have been any sales or purchases among other indicative document of the financial information belonging to the person.
Conclusively, filling the right information also means that both the government and the individuals are having transparent interaction and none is exploiting the other.
Provided by GVK Group — tax and accounting services in Vancouver, Canada.