There's something you might have been wanting to check off your #adulting list for a while now: learning how to do your own taxes.
There's no doubt that the task can seem daunting. According to the Canada Revenue Agency (CRA), making a mistake on a tax return is the number one concern youth have when completing a tax return.
Envision yourself being a pro at filing your taxes each and every year.
The CRA can help you kickstart the dream. They've got plenty of tools dedicated to helping youth in Canada gain confidence in understanding and filing their taxes.
Their latest resource is seriously handy if you're filing your taxes for the first time and don't know where to start.
Available for free online, "Learn about your taxes" is a step-by-step guide for first-timers or anyone who just needs a refresher.
The guide unpacks what taxes are and why you need to pay them, explains how to read pay stubs and income tax slips and, most importantly, clearly outlines how to file your taxes.
The course also includes a bunch of interactive elements like easy-to-follow videos, modules and quizzes — so that you can up your tax confidence in no time.
And who knows? It might make you realize all the money you could be getting back via benefits, credits and deductions. For example, you're probably eligible for GST/HST credit if you, like many young Canadians, earn less than $49,000 a year.
Cheers to some unexpected cash in your pocket in 2023!
The guide answers questions you may have felt a little embarrassed to ask (like where exactly does the money being deducted from your pay stub go?) and reveals some surprising facts (like how you should report tips at work as income even if they aren't shown on your T4 slips).
Basically, it's perfect for all kinds of first-time tax filers.
CRA has other helpful resources you can browse too, like a common tax terms page that'll bulk up your tax vocabulary.
And once you've learned the ins and outs of all things Canadian taxes, you can feel confident next time tax season rolls around.
No more worrying about making a mistake when completing your tax returns or missing out on benefits and credits you're entitled to.
And if you make a mistake, don’t sweat it. You can make changes to your tax return after filing it if there is anything you need to fix or update. You can find all the information you need at CRA’s website.
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Get on top of your taxes, and make sure to mark April 30 on your calendar as tax day. Though, since April 30 is a Sunday this year, your return will be considered filed on time if the CRA receives it (or it’s postmarked on or before) May 1, 2023.
So consider doing yourself a favour and explore the "Learn about your taxes" step-by-step guide. You'll thank yourself every single year.
To learn more about filing your taxes, head to Canada Revenue Agency's website and follow them on Instagram, Twitter, Facebook or YouTube.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.
