Seven Steps to Tax Time!

Seven Steps to Tax Time!

April 23, 2021
Millions of Canadians still have not filed their 2020 tax return.   There was some thought the federal government would extend the deadline, as it did last year but that has not happened.
CloudTax is an independent Canadian tax software solution for most tax filers.   Our CloudTax and CloudTaxPro platforms are both certified by the Canada Revenue Agency providing the security you need to file your taxes safely.
With just a week to go, CloudTax CEO and Founder Nim Balachandran offers a seven step program to finish your tax year.
Step 1: Identify    Name and Social Insurance Number are just the beginning.   Marital status is important as well.  If that changed in 2020—the date of that change is also a necessary piece of information.  Now is also an excellent time to sign up for the CRA My Account, or register for a new account.  It will make your Canada Revenue Agency experience much smoother.
Step 2: Get your slips together:   Here’s a good piece of advice. If you’ve got a document…electronic or otherwise, which starts with a T it’s probably a tax form.  T4, T3, T4A, T4E and much more. Get your tuition information, medical receipts, and rent receipts together as well.
Step 3: Organize.  Here’s a handy way to keep you information in place.   Put all your Income in one pile, and all your potential deductions and credits in another pile.
Step 4:  Data entry.   Filling out your tax form is really just a matter of putting the right number in the right boxes. It’s a lot like Sudoku but less fun.  If you follow the step by step instructions you’re well on your way.
Step 5:  Review.   CloudTax software automatically goes through your return and makes sure you’ve put all the information in the right places.  We’ll also ensure you don’t miss anything.
Step 6:  Submit.  Click on submit, and your tax return is all done.  Make sure your return is filed by the end of day April 30th.  If you have taxes owing, filing a late return will result in a 5 per cent penalty.
Step 7:  Relax, and celebrate.  You did it!


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