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canada income tax

When it comes to filing your own income taxes in Canada, Revenu Quebec is making navigating tax season slightly easier with a tax assistance program available to eligible residents.

This initiative is collaboratively overseen by both the Canada Revenue Agency and Revenu Québec.

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With rent going up, the hike in food costs and the increase in the cost of day-to-day necessities, it's safe to say Canadians are looking for ways to offset inflation, especially lower-income Canadian families.

The Government of Canada, as well as several provincial government programs, have a slew of benefits and credits that could offer financial assistance.

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It's no secret that Canadians are grappling with economic challenges posed by the rising cost of living. Whether it's the increasing prices of groceries, rise in rent or essential day-to-day expenses, stretching a paycheck has become significantly more difficult for individuals and families, especially those with lower incomes.

For residents of Quebec seeking additional financial support to cope with inflation, the Quebec government provides various benefits and credits throughout March.

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As tax season approaches in Canada, staying up to date on the annual changes that could impact your income tax filing can be challenging.'

Revenu Québec has compiled a comprehensive list detailing all the changes relevant to the 2023 tax year. This includes adjustments to various tax credits and updates to the criteria determining tax deduction eligibility.

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Canadians are feeling the wrath of the economy more now and considering the rise in cost of living, whether it be a hike in grocery prices, rent in Montreal or the price of day-to-day necessities, spreading out a paycheck has become drastically more difficult for individuals and families, especially those with lower-incomes.

For residents of Quebec looking for extra money or ways to supplement inflation, the Quebec government offers several benefits and credits throughout December that could put you in a better spot financially. It's recommended you verify your eligibility for various government programs, as qualifying for these initiatives can earn you hundreds of dollars more this winter season.

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It's past time to calculate taxes in Canada, but not all of us get stuff done on time! As sluggish taxpayers begin to navigate the tricky web of information out there, they'll have multiple factors to consider to ensure their tax return is complete and that they're maximizing their deductions and opportunities to earn those sweet refundable tax credits — even if they're a bit late.

It's even trickier for Quebecers, who, unlike most Canadians, have to file two separate returns.

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Across Canada, income tax brackets vary wildly. Let's say you love paying taxes. If you make around $50,000 in taxable income and you live in Quebec, rejoice in the knowledge that you're probably paying more in taxes than you would in any other Canadian province. If you're less keen on income tax, consider a move to Ontario, where, with the same taxable income, you'd pay the least among all the provinces — though the average salaries in each province vary widely.

Using information from the federal government, we've calculated the 2022 tax brackets for each province in Canada, in no particular order, except Quebec is first. For each province, you'll see an example calculation for someone making $50,000 in taxable income. If that's not you, do your own math, thank you very much.

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On June 16, 2022, Canada's Department of Finance shared a press release announcing changes to the Canada Workers Benefit.

The enhanced benefit comes as part of the federal government's new Affordability Plan, which aims to "make life more affordable for millions of Canadians," particularly as inflation rates continue to rise.

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With the rising cost of like... everything throughout the country, low-income Canadian renters can expect a one-time payment of $500 from the federal government this year as part of a plan to make life more affordable.

It's one part of a handful of measures aimed at helping Canadians struggling with inflation.

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The federal government updated the Canada Workers Benefit (CWB) back in 2021 and today, over three million Canadians are now eligible for the refundable tax credit — and you could be eligible for up to $2,400.

While tax season can be tough enough, knowing what you are eligible to receive from the Government of Canada is pretty handy information, and we're making it a little easier to keep up with what you may be entitled to.

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