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Essay On Tax Filling Myths

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Through the past many tax filling myths have developed, but with time, those perceptions have never proved to be true. Here, are the top 7 myths about tax filling that you should avoid. Myth # 1 It is believed that a big tax refund might be a good thing for the taxpayer. But, it is not so, the truth is to keep the money in your hands itself to avoid paying extra to the government. Myth # 2 During the past years, the barter system has been integrated in Canada as well as the USA. Barter networking is both for goods and services. If you think that you do not need to pay tax for this system, then you have mistaken. As per the CRA’s Interpretation Bulletin 490, barter transactions are similar to any other cash transactions; hence, it is subjected to tax. …show more content…

This is not true. The truth is, in a family if only one of the spouse’s works, then the interest earned is taxable. Myth # 4 Taxpayers believe that they can make tax-free withdrawals from their RRSP. This is because many sponsors of this scheme guarantee their clients about purchasing shares from a private company from the funds of RRSP. The fact is if you are purchasing shares of a private company that are not a part of a quality investment, then it gets included in your taxable income. To get tax-free income from RRSP, it is recommended to invest in Lifelong Learning Plan or the Home Buyers’ Plan. Myth # 5 Many taxpayers believe that if they are earning less income, then the amount is not taxable, thus, they do not file their tax return. But, filing a tax return is necessary no matter whatever your income is. This will help you benefit from GST/HST credits as well as the Child Tax credit. Myth #

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