6 Simple CRA Tax Resources That Will Help You Save Time & Money This Year
April 30 is just around the corner! 💰🗓
Tax time is approaching, and to help you figure out your tax situation, the Canada Revenue Agency has a bunch of helpful tips and resources to make your April 30 a little bit easier.
Depending on your familiarity with the world of taxes, there can be a whole lot of confusing details to try to get your head around. Luckily, these guides and resources put together by the CRA can support you when it comes to filing.
And, even better, they could hopefully save you some time and money this tax season.
Tax filing made easy. Make doing your taxes simple with our digital services! Get all the details here https://ow.ly/xGix50I7v01\u00a0 #CdnTaxpic.twitter.com/CjHI6Q0NAt— Canada Revenue Agency (@Canada Revenue Agency) 1646240106
Free tax clinics
If you have a modest income and a simple tax situation, the CRA has put together free tax clinics to help you file your taxes.
Organizations and communities across Canada are holding these volunteer-run clinics where you can have someone help you with your tax return in person, on a video call or over the phone. Some even offer drop-off services.
Free tax courses
Don't know the first thing about taxes? Well, there's just the resource for you! The CRA has an online class that goes through the tax filing process step by step, from what documents you need to how to navigate the CRA's online system.
The lessons range from 12 to 70 minutes long and should provide all the details needed for a tax novice. They're also a good refresher for anyone who wants to file their taxes themselves.
In recent years, the CRA has put more focus on the ability for Canadians to file their taxes online. So, they've put together a handy guide on how to set up your online filing profile, as well as a rundown of what tax software is certified to use in Canada.
If you're making the switch to paperless, the CRA can hopefully answer all of your questions on its website.
Resources for crypto investors
Cryptocurrency — online and fully digital currencies such as Bitcoin — is something that more and more folks are getting into as we live more and more online. And some crypto transactions carry with them certain tax implications.
So, if you've done some deals in the online world, the CRA has put together some resources and information you should be aware of ahead of this tax season.
Benefits and credits tool
Like any other year, there are always credits and benefits popping up, and the CRA has provided a comprehensive list of new credits and benefits that you might be eligible for.
Take a look at the rundown of what's new and the ways for you to save some cash this tax season, because there's hopefully a chance you'll qualify for at least one of them.
COVID-19 benefits support
Over the last year, COVID-19 benefits have been a huge part of many Canadians' finances, and with them come unique tax situations that you might need to navigate. The CRA has put together a guide on how to claim any COVID-19 benefits you may have received on your taxes, as well as outlining what to do if you need to repay.
Whether you received CRB, the CWB or any other COVID-19 benefit from the government, it's best to familiarize yourself with what you might need to do as well as the forms you might need to be aware of this tax season.
This article's cover image was used for illustrative purposes only.
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