Canadian tax laws encompass various aspects for individuals and businesses, focusing on income, consumption, and property taxes. Canadian tax compliance involve several key steps. Individuals must file their income tax returns annually by April 30th, or June 15th if self-employed, to report income earned during the previous year. Essential documents include T4 slips (for employment income), T5 slips (for investment income), and receipts for deductions and credits. Taxpayers should ensure all sources of income are reported, including employment, business, and investment income. They must also claim applicable deductions, such as RRSP contributions, and credits like the GST/HST credit. Depending on the complexity of their finances, individuals might need to file additional forms for specific income types or claims. The Canada Revenue Agency (CRA) offers online and paper filing options, with electronic submissions often being more efficient. Late filings may incur penalties, so timely submission is crucial.

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