In Canada, both individuals and businesses must annually file a tax return with the Canada Revenue Agency (CRA). This process involves reporting income, expenses, and other relevant financial details to calculate the owed taxes or potential refunds. The tax return includes various types of income like wages, investments, and allowable deductions and credits. Typically, individuals must file by April 30th, while self-employed individuals have until June 15th. However, it's crucial to settle any taxes owed by April 30th to avoid penalties and interest charges.
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