How to file taxes in canada for the first time

But for those who are self-employed , the deadline is pushed back a bit to June 15th. If your taxes are straight forward say you have some employment income, a few deductions, and RRSP contributions , you should look at filing your return in February or March. You could even get away with April. But as a general rule of thumb, you should aim to give yourself some time before the deadline , just in case you need to call CRA if you have any questions about your tax return. Since CRA is extremely busy during tax season, you may not get through to them right away.

Luckily, if you file your taxes online using a tax program, it gets filed instantly with no wait time on processing the return. There are several different types of forms you will need to show your income earned during the year:. Business use of your home.

Tax information related to tuition costs from the prior year can usually be found on the student portal of the school you attended. The form is called a TA tuition statement and shows the number of months you attended school full time and part time and also the tuition fees paid.

Learning how to save money is a journey. Our huge eBook can help you take your first steps. Filing your return online by using a tax software program has never been easier, and is the method preferred by most. Using tax software to file online is easy, fast, and relatively straight forward for most people.

Filling out your personal information is the first step in filing your tax return. If you use a tax software program , this information will be used to automatically calculate tax credits applicable to you. Tax software will ask you questions on all personal information needed to file your tax return. Make sure to answer them as accurately as possible. The next step in filing your tax return is entering any and all types of income in the year.

The next step in your tax return is the deductions and credits, as well as any deductible expenses you may have. If you use tax software, the program should automatically calculate all credits applicable to you. Some of the more common items that you should be aware of are:. After this, you can put all paper copy slips, receipts, etc, in a file folder and retain them for the future in case CRA asks for a copy. If you liked this article and want more practical ways to save money every day, we've compiled our best tips all in one place.

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Read more about HowToSaveMoney. Enter your email address here to receive our emails directly to your inbox. This year you can file online as of February The CRA has a list of certified tax preparation software on their website, including some that are free.

To find out more, go to cra. To file online, all you need is your social insurance number, your date of birth, your income tax information, and access to NETFILE-certified software or a web application. Enter the amounts from your various information slips and receipts on your return. If the CRA wants to review them, they will get in touch with you. Generally, you have to keep all slips and receipts for at least six years. Auto-fill my return makes filing your taxes easier by automatically filling in certain parts of your tax return.

For more information, go to cra. Direct deposit is the quickest way to get your payments. Best Technology Jobs Canada. Take English Course in Canada. Get Canadian Health Card.

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