We list the major changes below, including income tax changes that have been announced but have not become law at this time. If they become law as proposed, they will be effective for 2006.
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For investment tax credits earned in a year that ends after 2005, the carry forward period has been extended to 20 years. An apprentice job creation tax credit is available if you are a self-employed individual who employs an eligible apprentice in your business. |
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Generally, your return for 2006 has to be filed on or before April 30, 2007.
Your balance owing for 2006 should be paid on or before April 30, 2007.
Self-employed persons - If you or your spouse or common-law partner carried on a business in 2006 (other than a business whose expenditures are primarily in connection with a tax shelter), your 2006 return has to be filed on or before June 15, 2007. However, if you have a balance owing for 2006, you still have to pay it on or before April 30, 2007.
Deceased persons - If you are the legal representative (the executor, administrator, or liquidator) of the estate of an individual who died in 2006, you may have to file a return for 2006 for that individual. See
Preparing Returns for Deceased Persons for more information.
Be sure to correctly fill out the personal and address information section of your return or correct the information on your personalized label.
Report income from all sources.
Claim all deductions and tax credits for which you are eligible.