Here’s a quick guide to filing income tax returns in Canada:
- Gather Documents
Collect your T4 (employment income), T5 (investment income), RRSP receipts, and other relevant tax documents.
- Know Your Deadline
- April 30: For most Canadians to file and pay taxes owed.
- June 15: For self-employed individuals (payment still due April 30).
- Choose Your Filing Method
- Online: Use NETFILE or tax software for a faster process.
- Paper: Mail your completed T1 General form.
- Tax Professional: Hire if your taxes are complex.
- Fill Out the Tax Return
Report all income, claim eligible deductions (like RRSP contributions), and apply tax credits (e.g., basic personal amount, charitable donations).
- Submit and Pay
- File online or by mail.
- Pay any taxes owed by April 30 to avoid interest.
- Wait for Notice of Assessment
The CRA will send you a statement confirming your tax situation after processing your return.
- Keep Records
Store all tax-related documents for 6 years in case the CRA asks for them.
That’s it! Filing taxes is straightforward with proper preparation.
