Make Tax Time a Breeze
Filing your taxes can be a pain. And let’s face it, Langford, there’s way more fun things to do than paperwork. But with proper preparation, you can make the process much more efficient (and stress-free). Are you ready to make tax time a breeze? Whether you’re filing on your own or using a tax professional, following these tips will help you get through tax season swiftly.
Plan ahead
Before you begin filing, make sure you have all your necessary documents ready like:
- T4 Employment Income Slips: Provided by your employer
- T5 Investment Income: If you earned interest or dividends
- T2202 Tuition and Education Credits: For students or individuals taking post-secondary courses
- RRSP Contribution Slips: To claim deductions
- Receipts for Tax Deductions & Credits: Such as medical expenses, charitable donations, childcare costs, and union dues or professional association memberships
- Business or Rental Income Records: If you’re self-employed or own rental properties
- Notice of Assessment (NOA): From the previous year’s return, which shows your RRSP contribution room and any carry-forward amounts
If you’re filing your taxes jointly, make sure your spouse or partner has their documents ready to go, too, and keep all your items together in a labeled folder so nothing is lost or accidentally recycled.
Decide how you plan to file
There are several ways to file your tax return in Canada—each with their own pros and cons. Choose an option you feel comfortable with, that meets your needs and fits your lifestyle and budget.
- Online Using NETFILE: The fastest and most popular method, using tax software or programs like H&R Block online or TurboTax
- Paper Filing: You can mail a paper return to the CRA if you prefer to file a hardcopy, but be aware that processing these forms usually takes longer
- Using a Tax Professional: If your tax situation is complex, or you have additional questions about how to optimize your return next year, hiring an accountant or tax professional is a wise choice to ensure your return is prepared accurately and on time.
Make sure you set up direct deposit
Expecting a refund? Set up direct deposit with the CRA before you submit your return to receive your funds faster. Simply login to your CRA account and follow the prompts as required. If you set up direct deposit after submitting your return, you will receive a mailed refund this year and direct deposit for future transactions.
If you owe money when you file your taxes, you can pay through online banking at your financial institution, or in person at your local branch.
Keep copies for your records
The CRA recommends keeping tax records for at least six years in case of an audit. Keep a copy of your documents somewhere safe and back-up any digital documents and emails so you can access them in the future if required.
By staying organized and preparing early, you can file your taxes quickly and cross this major to-do off your list with confidence. And hey, if you need some advice? The tax professionals at H&R Block right here at Westshore Ton Centre can help you make tax time a breeze.
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