Are You Ready for Taxes?
Hello All,
It's almost official - CRA will open up its efiling portal and start to allow you to file your tax return starting February 24th.
Most of you have until April 30th this year to file your tax return (unless you have business income - see below). If you owe tax and don’t file by the deadline, CRA will charge you a penalty plus interest on the amount of tax payable.
If you don’t owe tax or are expecting a refund, you won’t incur penalties, but your benefits (like the GST credit or child care benefits) could be delayed. There are a number of other reasons that every Canadian should file a return which I cover in this post.
Types of Tax Documents Before Filing:
Some of the more common tax documents/slips that you will need for your filing:
T4 (RL1 in Quebec) – If you earned a salary
T5 (RL3) – Investment income for non registered account (no income slips for TFSA or RRSPs)
RRSP contribution receipts
Medical expenses & donation receipts
T5008 – Shows capital gains and losses on sale of investments
Childcare expenses – Receipts from daycare or babysitters
Professional dues
Tuition receipts (T2202A)
If you’re missing a tax slip, check with your provider—it may have gotten lost in the mail or buried in your emails.
CRA also has a tool called AutoFill My Return, where you can download info they already have on file, like your T4 and T5. Most tax software will allow you to access this feature, thereby simplifying the return preparation and reducing input errors.
Getting Organized
Even if you aren’t ready to file yet, now is the time to gather your documents. I always recommend setting up a physical folder and a tax/accounting folder on your computer for anything that might be relevant to your taxes.
Related Article: Should You Go Paperless?
Guidance for Unincorporated Small Business/Self-Employed
If you're self-employed or run an unincorporated small business, your tax return is a little different than if you are simply an employee or retired. Here’s what you need to keep in mind:
Income Tax Deadlines
The deadline to file your return is usually June 15 (although this year it is June 16th since June 15th falls on a weekend).
But if you owe tax, interest starts accruing on May 1—so it’s still best to file and pay early.
GST/HST
If you're registered for GST/HST, note that this is a completely separate return from your income tax return.
Filing the GST/HST can be done via your CRA my business account or GST/HST/QST via RQ my account for business (clic sequr) or by using online business banking.
Your filing deadline depends on your reporting period:
Annual filers (most self-employed people) – Return is due June 15th, but payment is due by April 30th.
Quarterly/monthly filers – Due dates are one month after the end of your period.
Not paying your GST/HST can result in significant penalties so make sure that you pay this on time.
Business Accounting
Unlike employees, self-employed individuals don’t get a T4—you’re responsible for reporting your own income and expenses.
Make sure you have:
Total sales for the year (invoices, QuickBooks reports, Stripe/PayPal summaries)
Business expenses categorized (home office, vehicle, supplies, software, etc.)
Receipts for deductible expenses (even digital copies work)
It helps to have separate business bank and credit cards so that all expenses and sales are in one place.
DIY or Hire Someone?
Many Canadians have fairly straightforward tax returns, and I’m a big believer in doing your own taxes if they’re simple and the thought of it isn't overwhelming.
If you are contemplating doing it yourself, I recommend entering your info into a tax software first. Since you only pay when you submit the return, there's no risk to seeing how it all looks. Doing it yourself is an achievement, helps you better understand your finances and you won’t be left wondering if your tax preparer missed something.
That said, if your return feels complicated (especially if you’re self-employed) or overwhelming in any way, it certainly makes sense to hire a tax preparer or accountant.
Related content
Article: Detailed guide for your taxes: A simple guide to organizing your taxes
Video: How to get your CRA Web Access Code
Video: How to quickly adjust/writeoff inventory in QBO
Video: How to Navigate CRA My Business Account
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