The deadline for filing personal income taxes in Canada is typically April 30th of each year. If you or your spouse/common-law partner is self-employed, the deadline is June 15th, but any balance owing is still due by April 30th.
You will need your T4 slips (employment income), T5 slips (investment income), RRSP contribution receipts, and any other relevant tax slips or receipts for deductions and credits.
Yes, you can file your taxes online using the Canada Revenue Agency's (CRA) NETFILE service or through certified tax software.
If you cannot pay your taxes, you should contact the CRA to discuss payment options, including payment arrangements. It's important to file your return on time to avoid late filing penalties.
You can check the status of your tax refund using the CRA's My Account online service or by calling the CRA's automated Tax Information Phone Service (TIPS).
Common tax credits and deductions include the basic personal amount, Canada Child Benefit (CCB), GST/HST credit, medical expenses, charitable donations, and tuition fees. Be sure to check the CRA website for a comprehensive list.
A tax credit directly reduces the amount of tax you owe, while a tax deduction reduces your taxable income. Tax credits can be non-refundable or refundable, whereas tax deductions lower your overall income subject to tax.
You should keep your tax records for at least six years from the end of the tax year to which they relate. This includes all supporting documents such as receipts, slips, and other relevant paperwork.
If you made a mistake on your tax return, you can request an adjustment by using the CRA's My Account service or by submitting a T1 Adjustment Request form. Be sure to provide all necessary supporting documents.