Micheal Tye

Market analyst at Paycheckguru.com

[canadaworld]

What is the IRS Treas 310 tax refund?

The Department of Treasury's Bureau of the Fiscal Service (BFS) issues IRS tax refunds and Congress authorizes BFS to conduct the Treasury Offset Program (TOP). Through the TOP program, BFS may reduce your refund (overpayment) and offset it to pay:

Past-due child support;

Federal agency non-tax debts;

State income tax obligations; or

Certain unemployment compensation debts owed to a state (generally, these are debts for (1) compensation paid due to fraud, or (2) contributions owing to a state fund that weren't paid).

You can contact the agency with which you have a debt to determine if your debt was submitted for a tax refund offset. You may call BFS's TOP call center at the number below for an agency address and phone number. If your debt meets submission criteria for offset, BFS will reduce your refund as needed to pay off the debt you owe to the agency. Any portion of your remaining refund after offset is issued in a check or direct deposited as originally requested on the return.

BFS will send you a notice if an offset occurs. The notice will reflect the original refund amount, your offset amount, the agency receiving the payment, and the address and telephone number of the agency. BFS will notify the IRS of the amount taken from your refund once your refund date has passed. You should contact the agency shown on the notice if you believe you don't owe the debt or if you're disputing the amount taken from your refund. Contact the IRS only if your original refund amount shown on the BFS offset notice differs from the refund amount shown on your tax return. If you don't receive a notice, contact the BFS's TOP call center at 800-304-3107 (or TTY/TDD 866-297-0517), Monday through Friday 7:30 a.m. to 5 p.m. CST.

[canadaworld]

Canadian Income Tax and Financial Information

PaycheckGuru.com gives you a summary of the Canadian tax system. We created detailed tables about the tax brackets and the marginal tax rates of each province and territory, but if you find it too difficult to understand, you can use our Payroll Deductions Online Calculator (PDOC) as well, which will show you how much will you get from your earnings. We also created an RRSP calculator, which shows you how much tax refund can you expect after your contributions. If you have income from sources other than employment, we suggest you to use our tax calculator to estimate how much taxes you have to pay after your earned dividends, capital gains and other income.

[canadaworld]

Income Tax Deadline Unchanged by Coronavirus

The Canada Revenue Agency currently has no plans to extend income tax deadlines due to COVID-19 outbreak.

In a statement to HuffPost Canada, the CRA said they continue to monitor the situation. “At this time, there are no plans to extend the tax filing season. The CRA understands that this is a difficult time for people, and we are here to support them”.

“The existing taxpayer relief provisions give CRA officials the discretion to waive or cancel all or part of the interest and penalties.”

Canadians have time until April 30 to file individual income tax returns.

Canadian taxpayers who are not able to file their returns on time and incur penalties, are eligible to request to have them cancelled or waived. Deadlines can be extended, and penalties can be waived for people who experiencing “extraordinary circumstances.”

[canadaworld]

Canadian Employment Insurance 2020

Work Insurance (EI) gives customary advantages to people who lose their positions through no flaw of their own.

Sorts of Employment protection benefits

EI Regular Benefits: gives normal advantages to people who lose their positions through no deficiency of their own. You can get EI from 14 weeks up to a limit of 45 weeks, contingent upon the joblessness pace of your area. The essential rate for computing EI benefits is 55% of your normal insurable week by week income, up to a greatest sum. As of January 1, 2020, the most extreme yearly insurable profit sum is $54,200. This implies you can get a greatest measure of $573 every week.

EI Sickness Benefits: gives ailment advantages to as long as 15 weeks in the event that you can't work for clinical reasons. You could get 55% of your profit up to a limit of $573 per week. and we can also use the tax calculator.

EI Maternity and Parental Benefits: gives money related help to individuals who are away from work since they are pregnant or as of late conceived an offspring or guardians who are away from work to think about their infant or recently received youngster. The greatest sum is relying upon the sort of advantage you applied for:

Standard parental advantage: as long as 40 weeks (one parent can't get over 35 weeks of standard advantages) with an advantage pace of 55% and a week by week limit of $573 and also one use tax comparison.

Expanded parental advantage: as long as 69 weeks (one parent can't get over 61 weeks) with an advantage pace of 33% and a week by week limit of $344.

EI Caregiving advantages and leave: gives money related help to individuals who are away from work to give care or backing to a fundamentally sick or harmed individual. As a guardian, you don't need to be identified with or live with the individual you care for or uphold, however they should believe you to resemble family. There are three kinds of providing care benefits:

Family parental figure benefits for kids: as long as 35 weeks for dealing with a fundamentally sick or harmed individual under 18

Family parental figure benefits for grown-up: as long as 15 weeks for dealing with a basically sick or harmed individual more than 18

Empathetic consideration benefits: as long as 26 weeks for dealing with an individual of all ages who requires end-of-life care.

Likewise, EI Special advantages are accessible for independently employed individuals or Canadians living abroad. For these kinds of advantages please allude to the Government of Canada site.

Application to EI benefits

Contingent upon the sort of EI advantage you have various cutoff times to follow. In any case, we suggest applying for benefits at the earliest opportunity so Service Canada specialists can decide whether you're qualified. Applications should be possible on the web or at any Service Canada focus.

Tax assessment from EI benefits

EI benefits are available, regardless of what kind of advantages you get. Government and common or regional duties, where appropriate, will thusly be deducted from your installment.

[canadaworld]

How do I e-File my Ontario taxes?

You can’t right now, as the window for e-filing tax returns is closed. It typically runs from late January until the end of September—at least it used to when I worked for a tax company. However, you can still file a paper return. If you used an online service to prepare your return, just print the relevant pages, attach your slips and receipts, and mail it.

Why file online?

CRA certified software and web applications guide you through the process, do all the calculations for you, and make sure you don't miss out on credits and benefits you may be eligible for.

Filing online helps to ensure there are no interruptions to your Canada child tax benefit and GST/HST credit payments.

If you file your return online, in most cases you will receive your refund faster. When you file online and sign up for a direct deposit, you may receive your refund in as little as eight days! For information on how to sign up for a direct deposit,

Filing online is secure. The CRA uses the same high level of online security Canadian financial institutions use.

Last year, more than 80% of Canadians filed their return electronically. Join the majority who are already enjoying the benefits of online filing!

You can also use the Ontario tax calculator if you want to calculate your tax.

[canadaworld]

Simple classification of Canada tax model

I assume you are referring to income tax system?

Any family earning under $250,000/year will pay no income tax. Families earning $250,000 to $1,000,000 pay 25%. Any income over $1,000,000 is taxed at 40%. Wealth above $100 is taxed at 20%. You can use Canada tax calculator for calculating your exact tax to be paid. Inheritance over $100M is taxed at 95%. There are no PST or GST. All corporations pay their share, no freebies.*

Fixed.

*example numbers without exact studies to demonstrate a sample of a more equitable tax system for Canada.