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Every year over 25 million Canadians file a personal income tax return. In the not-so-distant past, the majority of tax returns were filed manually, which required tax payers to complete the paper forms, assemble the package, attach receipts and mail the return to the Canada Revenue Agency (CRA).
Read MoreA Certificate of Insurance is a written form that verifies a policy has been written, and provides a summary of the coverage provided under the policy.
TSFA is an abbreviation for Tax-Free Savings Account. Learn more here.
Fair market value - The price a willing buyer would pay a willing seller if neither was under any compulsion to buy or sell. It is the standard at which property is valued for a deemed disposition.
Capital Cost Allowance - A taxation term, equivalent to depreciation, that makes allowance for the wearing away of a fixed asset.
A Dependent is usually a spouse and unmarried children (adopted, step or natural) of an employee.
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