Even though every Canadian has to pay taxes, most of us don't know what to do or where to begin.This website provides all the latest information you need to file your taxes in 2022 in one convenient location. This guide is for those overwhelmed by the idea of gathering and interpreting all required slips and information. We make it simple for you.
Know the Language
Learning a few common phrases can make getting around in an unfamiliar country much easier. This also applies to taxes. You can build a foundation and begin making connections as soon as you know terms like taxable income and carry forward.
Know the Key Dates
As a taxpayer, you need to keep tax filing deadlines are something you need to keep in mind. Due dates for returns and payments by the Canada Revenue Agency (CRA) are strict. In addition, deadlines for employees, self-employed people, and companies vary. You'll get your refund quicker when you file on time and avoid interest and penalties.
Do Your Research
Canadian tax laws have gone through several changes due to the pandemic and rising living costs in 2021. New deductions and credits may be available, and increased contribution limits!
Learn About Covid Benefits
What pandemic benefits did you receive in 2021? The Canada Recovery Benefit, the Canada Recovery Caregiver Benefit, the Canada Recovery Sickness Benefit or any other pandemic benefits?For all COVID-19-related benefits you received from the CRA in 2021, you will receive a T4A tax information slip. This slip will be from the CRA during tax season. A T4A and RL-1 slip will be mailed to Québec residents.Although all recovery benefits are taxable, 10% of those amounts are withheld at source for tax purposes. Depending on your total income, you may have to pay additional tax on top of that. You may qualify for taxpayer relief if circumstances beyond your control prevent you from meeting your tax obligations. You may qualify for penalties and interest cancellations under certain circumstances. You can extend your tax bill payment deadline by contacting the CRA.For more information about Covid-19 benefits, contact us, and we will help you with your corporate and personal taxes.
Know How to File Your Taxes
Are you ready to roll up your sleeves and begin filing your taxes? Our accounting firm is well-versed in all the latest tax laws and will help you navigate the process. We will now get down to business and provide you with guidance tailored specifically to your needs.
Know the Advantages of Filing your Taxes Online
If you file your taxes online, your future self will thank you. You can complete your tax returns online once you create a CRA My Account. Processing time can be reduced from 10 to 12 weeks to 8 business days. As a result, you will receive your refund faster, and your benefit and credit payments will not be interrupted.
Conclusion
Even though filing taxes may seem like just one more thing on a long list of 'to-do' items, ensuring that it is completed correctly and on time will benefit both parties. You will eliminate interest and penalties and receive any applicable refund sooner rather than later.