The tax filing season is here. The Canada Revenue agency opened it’s NETFILE portal on February 22nd. That’s the process by which all tax filing software sends your information to the CRA.
The days of hunkering over paper and pencil are gone. More than 90 per cent of tax returns last year were filed electronically. It’s safe and secure. Coupled with a CRA My Account it also dramatically speeds up your refund.
With just a couple of days to go until the annual RSP deadline, you might be thinking of making an additional contribution. Use our simple tax calculator to see how that might benefit you.
An RRSP might not be for everyone. Perhaps a Tax Free Savings Account is a better choice. Here’s an interesting article to give some consideration.
Now is also a perfect time to gather your documents. The slips you need depends on the source of your income.
T4: A T4 is issued to you by your employer.
T4A: Officially for Pensions, Retirement and Annuity income, but it also includes Other Income. This might be a spot where you will find income from some COVID 19 programs
T4E: Initially this slip was designed for Employment Insurance information. This year it may also include any CERB payments you might have received.
There are many other slips as well. These may detail your RRSP contributions or withdrawals.
COVID 19 changed the work day for many of us. If you have been working from home make sure to take advantage of the new work from home deduction.
There’s no possible way we can detail everyone’s financial situation in a blog post. In addition to the calculator we encourage you to check out this video to see CloudTax in action.
In a market saturated by large multi national companies, CloudTax remains an independent Canadian alternative for those looking to file their taxes. You don’t need to download software or trudge off to an office to drop off your paperwork. Our full featured mobile app is available on iOS and Android.
We’re confident vast majority of people can use our system to file their own taxes. However, if you do get stuck we have plenty of help available.