In Canada, various tax returns are filed annually based on the taxpayer's type, income sources, and tax obligations. Below is an overview of the primary tax returns filed in Canada:
Individual Tax Returns
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T1 General Income Tax and Benefit Return: Filed by individuals, including employees, self-employed persons, and retirees, to report income, claim deductions, and calculate taxes owed or refunds due.
Business Tax Returns
T2 Corporate Income Tax Return: Filed by corporations to report income, expenses, and calculate corporate taxes.
T2125 Statement of Business or Professional Activities: Filed by sole proprietors or self-employed individuals as part of their T1 return to report business income and expenses.
T5013 Partnership Information Return: Filed by partnerships to report income and other relevant information for each partner.
Sales Tax Returns
GST/HST Return: Filed by businesses registered for Goods and Services Tax (GST) or Harmonized Sales Tax (HST) to report taxes collected and claim input tax credits.
PST or QST Returns: Filed in provinces with a separate Provincial Sales Tax (PST) or Quebec Sales Tax (QST).