It’s tax time, and that dreaded chore of filing your taxes is weighing on your mind. Do you do it again this year yourself? Filing your taxes is more than just about your T4 or RRSP, there are other deductions you should think about, and some depending on the Province you live in. And, do you file online (preferable) or via paper (takes weeks to get processed and to get your refund)?
Online or Paper Filing
In 2017, 22 million or 90% of income tax filers used online filing and will probably grow to closer to 100% within a couple of years. Even returns for deceased people can now be filed online. Online filing is fast and secure, and generally your return is processed within 8 business days, and you’re refund sent within that time. For faster refunds, use direct deposit.
There usually is no requirement to paper file your taxes anymore, except maybe for someone who’s deceased or a non-resident. If you choose to file via paper, then you need to realize it can take up to 6 weeks to process your return and get your refund cheque.
It makes absolutely no sense to file via paper anymore.
Slips and Receipts
You need to gather up all your T-slips (T3, T4, T4A, T5, etc.), RRSPs, donations, medical expenses, etc.
Here are some other things to consider:
You may want to:
Filed Your Tax Return? – What to do if you Forgot Something
Ways to Make the Most of your Pandemic Savings
The Personal Tax Filing Deadline is April 30th – Some Last Minute Reminders
Differences Between a Tax Credit and a Tax Deduction in Canada?
Ways to get a Bigger Tax Refund
Who is Required by the CRA to File a Tax Return in Canada?
Do we Need to File our Taxes as a Couple if we are Common-Law?
Do I Have to Report Foreign Income on my Canadian Tax Return?