These will for sure make tax time easier this year.👇💰
With tax time in Canada just around the corner, there are tons of things that you need to know before you start filing this year.
First and foremost, this year's tax deadline is April 30, 2022. That not only means you need to have your taxes filed by then, but you also need to have all the money you might owe paid to the CRA by then.
However, because it's a Saturday, the CRA says your payment will be considered paid on time if it is received by the agency or processed at a financial institution on or before May 2.
So, make sure you keep that date top of mind in the coming months!
To make hitting that deadline a bit easier, the CRA is encouraging residents to file their taxes online. All you need to do is sign up for a secure account with them and you'll be on your way to doing your taxes by yourself.
Also, for the first time ever, the CRA has created an online course to teach taxpayers about taxes and how to file on their own. It consists of video lectures and quizzes and takes around two hours to complete.
The agency is also encouraging Canadians to plan ahead and "file your income tax and benefit return as soon as you can." They say this will allow you to receive any refunds faster, avoid interruptions to any benefits or credit payments you're owed and enable you to get help if you need it.
There are a bunch of credits and expenses that Canadians can claim on their taxes this year. You may be able to claim home office expenses, a climate action incentive payment, the Canada workers benefit and more, all of which could save you some money this April.
Finally, the CRA wants everybody to look out for scams and fraud at tax time. You should use strong and complex passwords, monitor your account for any unusual activity and sign up for official email notifications of changes to your account.
Hopefully, with these tips, tax time will be a little easier. Good luck!
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