How to file your Canadian taxes online DIY The deadline for filing an income tax in Canada and paying any related tax balances owing is April 30. It is advisable to pay all balances owing by April 30 in order to avoid interest charges on balance owed.
Skip to 08:22 where the Simple tax tutorial starts
Get all of your tax slips and get filing!!
---Employment income slip is your T4 and as provided by your employer
---Statement of investment income, T5 as provided by your financial institution
---For RRSP income received, you will be issued a T4 RSP
---For emplyment insurance (EI), you will be issued a T4E and for the CERB you will get a T4A
If you had received the covid relief benefits }Canada Emergency Response Benefit (CERB), Canada Emergency Student Benefit (CESB), Canada Recovery Benefit (CRB), Canada Recovery Sickness Benefit (CRSB), or Canada Recovery Caregiving Benefit (CRCB)}, the are considered taxable income
Step 1: Provide and update your personal information
To save time when you file your taxes in Canada, keep your personal information up to date with the CRA. Examples: your marital status, the number of children in your care, banking information, home address
Step 2: Report your income for tax calculation
On your Canada Tax Return, you must report income from all sources, both inside and outside Canada. Yes that includes side jobs paid in cash too.
Step 3: Claim your deductions, tax credits and expenses when calculating taxes
Cliaming deductions and tax credits availbale to you reduces the income tax you would pay.
Other ways to file your Canadian taxes are:
• on paper: Mail your completed income tax package to your tax centre.
• by phone: If the CRA sent you an invitation letter for File my Return, follow the instructions in the letter
If you are set up for direct deposit with CRA, he refund would be depoited in your chosen account in 7-8 business days.
If you forgot to include information or made a mistake on your tax return, wait until you get your notice of assessment from the CRA. Then, you can change your income tax reporting and file your taxes again
WealthSimple Tax link:
Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal preferences and should be treated as such. These are in no way instructions, suggestions, nor directions as to how to handle your money. The information presented in the video may have changed based on when you watch the video so please, carry out your due dilligence and personal research.
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