Filing Your Canadian Income Taxes
Who Has to File a Canadian Income Tax Return :
Most Canadian residents have to file a Canadian income tax return for the previous year
to pay the accurate amount of income tax owed
to pay back overpayment of benefits such as Employment Insurance
to claim certain benefits, such as the GST/HST Credit or the Guaranteed Income Supplement under the Old Age Security Program.
Some international and non-resident individuals must also file a Canadian income tax return.
Before You Prepare Your Canadian Income Tax Return :
Before you tackle your income tax return, make sure you have the following information :
social insurance number
tax information slips – information slips sent by employers, banks and businesses to tell you and the Canada Revenue Agency how much income you received and the amount of income tax that was deducted.
information on other income, including self-employment income
information on spouse and dependants
information rent or property taxes paid
receipts for tax deductions
information you might need from the Quick Access and My Account services, such as your RRSP contribution limit
the appropriate access code if you plan to file online or file by phone.
Choose Which Way to File Your Income Taxes :
The Canada Revenue Agency is increasing the number of ways you can file your income taxes. Choose the one that’s appropriate for you and your tax situation.
By Mail – No matter how simple or complicated your income tax return is, this method is available to everyone. The only cost is a stamp.
TELEFILE– TELEFILE lets people with simple tax returns file using a touch-tone phone. With TELEFILE you’ll get an immediate confirmation that your return has been received, and you’ll get a faster refund than filing by mail. TELEFILE is free.
Service for Seniors – This is a simple system for selected low-income seniors to file their Canadian income tax return by phone. It’s free.
NETFILE – Most Canadians can now file their income taxes over the Internet using NETFILE. You prepare your income tax form using commercial software or a Web application that has been certified by the CRA. Some software certified for use with NETFILE is free for individuals with low or modest incomes.
EFILE – With EFILE you prepare your own income tax return and take it to a service provider to file it electronically, for a fee or have the service provider help you prepare and transmit electronically for a fee. The advantage is it should be processed quickly.
Find Detailed Information and Help
There are a variety of sources available to answer your specific tax questions. A good place to start is Canada Revenue Agency website: www.cra.gc.ca
Change Your Canadian Income Tax Return :
You can make some changes to your income tax return online through My Account (visit CRA website for details and registration); or fill out and submit a T1 Adjustment form by mail or fax. You may also seek the services of a tax professional.
Deadline for Filing Your Canadian Income Taxes :
The deadline for filing your Canadian income taxes is midnight April 30.
If you owe income tax and file your income tax return after the deadline, the Canada Revenue Agency will charge a penalty and interest on the unpaid amount.
Deadline for Contributing to Your RRSP :
The deadline for contributing to your RRSp for the 2013 tax year is March 03, 2014