Key Steps To Follow While Filing Your Tax Return In Canadaby Accufile Tax File Taxes Online Canada
You may not need to file a return if you are new resident and have been in Canada for the last few months of the year.When the next tax cycle arrives, even if you are unemployed, you will need to file a return. In Canada, it is essential not only to declare an income that the tax return has produced, but also to apply for basic government benefits or to request reimbursements. You can use a Tax calculator to calculate the tax you have to pay.
Get your SIN
You will need a Social Insurance Number (SIN). This is a 9-digit identification number used for identifying individuals for income and tax purposes by the Canadian Revenue Agency (CRA) and other government agencies. The SIN is unique, personalized and secret. It contains important information about you so that your information remains secure. If you don't already have a SIN, please get it from your nearest Service Canada office.
When you submit your tax return, you must present supporting documents. This includes the information slips from your employer, receipts and other revenue details (from Canada and abroad).Keep good records on your income, the fair value of any property, stock or art you have owned, and any other income and acquisition documents. These are required for tax calculations or benefits like GST / HST.
Paper or Online?
The CRA has an electronic tax filing service called NETFILE that is able to send returns online using the Internet and certified software. However for the first time, the CRA do not have your records, in particular your date of birth, so you cannot use this facility for your first tax filing. Your tax return must be completed, printed and mailed to the CRA. You can find the link to CRA Login, online.
You may also use a software that is certified from NETFILE for free. You should print and send the forms to the CRA. When you send your tax return by mail, there are specially designed brown envelopes available free of charge at post offices.Depending on your financial situation, filing a tax return can be complicated. You can contact your closest service provider for support if you need help.
Announcements offering direct tax refunds should also be viewed. Tax Discounters are tax preparers who compute the refund before you enter the CRA. Usually on the same day, they can pay you the return. Depending on the amount calculated, they charge a percentage of the refund. Make sure you understand all forms and documents you receive before you agree to and sign if you decide to attend a tax discount. A Tax Calculator can be utilized to do the required calculations.
Recruitment of an accountant is always an option if you think it's more than what you can do. Request recommendations from your nearest neighbour immigrant settlement worker or settlement provider organization. You can also search the yellow pages of renowned companies to get appropriate person. Thus, we have seen key steps to follow while filing your return. You should do a CRA Login to do it yourself.
Created on Jan 16th 2020 00:03. Viewed 73 times.