How To File Tax Return For The First Time In Canada

by Accufile Tax File Taxes Online Canada

Whether you study, work at your first job or have even retired, tax filing in Canada is an inevitable part of life.This tax filing process can be somewhat confusing if you file for the first time. You just need a quick guidance as it remains a valuable lesson in financial planning that will help you in the coming years. Some important considerations are discussed below:

1. Get organised

Have all your data available, including your employer's quarter statements as well as any other income declarations and tax bills you receive from anyone else.  Make sure you also have receipts and donation slips and anything else you think you might need to report your income and claim deductions.If your return has been selected for review, the Canada Revenue Agency (CRA) recommends that you keep your record and your documents for 7 years, but we recommend that you keep them for 10 years. You can get CRA Contact easily on internet.

Your tax return can be filled with only a few clicks, with the most accurate and updated available information so that your return can be submitted much faster.  In addition, the CRA will charge a penalty and a rate of interest on the missing slip no matter how much the slip is worth when you file the tax return and have forgotten to include the tax-slip. 

2. File Your Return Accurately

If you are going to send your return using NETFILE, you must make sure the information is accurate. If your name or date of birth doesn't match your personal information on a CRA file, your tax file will be rejected. Before submitting it, double check everything and make sure your name is just as it appears on your Social Insurance Number document.The first tax return of new Canadians must be filed on paper and NETFILE must also be filed.

The penalties and interest is another reason for being as accurate as possible.  You have to pay $100, or 50 percent, of the amount of understated tax, for failure or missed information on your return.You should never lie on your tax return, since it could have more severe consequences than fines and penalties. One should keep Canada Tax Deadline in mind, while filing the tax return.

3. You may be required to pay penalties and any interest in the balances you owe to CRA if you file your return late. You should calculate your deadline based on the fiscal year-end of your business if you enter your corporate income tax.  You can take the help of experts to file the return. You can also learn to file the tax yourself and can file the return on your own.

Thus, we have seen in detail, the key considerations to keep in mind while filing the tax return in Canada. One can approach Tax return Canada professionals to get required assistance.

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Created on Jan 6th 2020 02:58. Viewed 209 times.


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