How Do I File A Canadian Income Tax Return?

Every year when tax season knocks on the door, people sigh and grab their calculator to get ready to file their income tax return. This description may seem a little over the top but filing the tax return does sound like a hefty job to some. Also, the nervousness built around it for first timers is what this blog is here to break. First, the basics. Each year the tax return deadline is April 30th

On every income you make, you are supposed to pay taxes to the government. In return, the government uses the same public taxes to improve and support public services like hospitals, roads, schools etc. Meanwhile, a tax return consists of a compiled report of previous year’s total taxable income, tax credits and any miscellaneous information regarding the same. It basically results in you either getting a tax return refund or paying a due amount.  The simplest reason to file your tax returns is that you might be able to access some tax credits and benefits like support for child care, sales tax benefits and more. 

The Canadian Revenue Agency (CRA) has added a number of ways in which you can file your tax returns easily and without any hassle. 

Filing Tax Returns Online

You can file your taxes over the internet using the NETFILE program made available by the Canadian government. There are also various free software that are affiliated to NETFILE and assist you with filing your tax returns in no time. Some software can only handle the simple situations while others are available that have an expertise in both simple and tricky tax situations. 

The advantage with filing online tax returns is the factor of immediacy in it. You will get an immediate confirmation that your tax return has been received. Or in other cases if you are owed a return or income tax refund, you will be notified and receive it quickly. Possibly in a few weeks. 

Although, any software or web application that you use for filing your tax returns should be certified by Canadian Revenue Agency (CRA).

Filing Income Tax By Mail

Regardless of the complexity of your income tax return case, this option is available for all. You can simply print the income tax form and benefit package online from CRA website or straight up order a copy from CRA. If you filed your income tax returns on paper last year, the CRA will send you a paper form and benefit package the next year. All you have to do is find the mailing address and pay for the stamp. Visit your local post office or postal outlet to mail your tax returns.

Visit Free Tax Clinics

There are free tax clinics set up for your help and assistance. It is called the Community Volunteer Income Tax Program. If you have a steady income and simple tax situations you can take the help of volunteers to file your taxes for you. While some of these clinics are only available between February and April all across Canada, there are some clinics that are available all year round. Some operate on walk-in basis while in others you might need to call in first in order to take an appointment. There are some clinics where you can deposit your returns and pick up the completed forms on designated time. You can always find one near you on official website.

Hire an accountant

Generally, people who are small business owners or have really complicated cases or do not have enough time to do their taxes themselves, they always have an option to hire an accountant to file their income tax return in Calgary or allover Canada. They are trained professionals who can prepare or file your income tax returns efficiently and effectively. Regardless, you will still have to spend a little time to get your income tax records ready for your accountant. These service providers keep an eye on all the tax changes from year to year and take full advantage of any tax deferral strategies or new tax credits or deductions by the provincial and federal government bodies. They not only take care of your personal tax, but also give advice to improve your financial situation.  

All in all, taxes are a great way for continued development in the country and filing tax returns is not as stressful as you might think of it to be. With the introduction of varied new ways to file tax returns, you can relax and pay our taxes without any hassle.


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