Navigating and ace your first tax filing return in Canada may appear daunting, but it doesn’t have to be! Whether you’re a first-time filer or preparing for another tax season, rely on these five useful tips to alleviate the stress of filing your return and ensure you receive what you’re entitled to.
5 Essential Tips for Smooth Tax Filing in Canada
Stay organized for hassle-free filing.
To complete your tax return accurately, gather all necessary tax slips from organizations like your school, employer, or the government. If you’re a Québec resident, you’ll receive both federal and provincial information slips. Keep track of receipts for credits, expenses, and deductions requested by the CRA or Revenu Québec. Develop a habit of filing receipts promptly, whether in a physical folder or a digital one, ensuring they are accessible for reference. Retain all documents for at least 6 years in case of a detailed review.
Be aware of key deadlines.
Utilize a calendar or calendar app to stay updated on significant tax-related dates, such as the opening of electronic filing and tax filing deadlines. Set reminders on your phone to be prepared when the time comes. Subscribe to newsletters or regularly check the H&R Block Tax Tips Blog for timely updates and potential filing extensions. Remember, even if you had no income for the year, filing a return is crucial to determine your eligibility for various federal and provincial benefits.
Determine your relationship status.
Understand how your marital status affects your tax preparation approach and entitlements. Whether single, married, divorced, separated, widowed, or in a common-law relationship, your status influences how you ace your first tax filing and the potential benefits available. Explore resources that explain how you can optimize tax credits and deductions through pooling, splitting, or transferring with your spouse or common-law partner.
Take advantage of available assistance.
With over 60 years of tax preparation experience, H&R Block provides tailored tax solutions and access to a vast network of reliable Tax Experts. Benefit from Maximum Refund Guarantee to ensure you maximize your return. Special rates are available for students, new Canadians, and low-income families through partnerships with select organizations. Online tax software allows for free preparation of your 2020 return, with the option to upgrade for additional support.
Create an online account for future convenience.
After filing your first return in Canada, consider creating a CRA My Account (and Revenu Québec My Account for Individuals, if applicable). These accounts provide convenient access to your tax information, including refund status, past tax slips, direct deposit setup for benefits, and secure messages from the CRA or Revenu Québec. Verify and update personal information, such as name, marital status, and address, before filing your return.