Tax time can be a very daunting time for many people. Often overwhelming and frustrating, filing your taxes can be such a chore. Fear not; here are some simple tips and tricks to make filing a smooth and manageable process for you this year.
1. Keep your information updated
Verify that your name, address, marital status, or other personal information with the Canada Revenue Agency is correct. Ensure that your direct deposit information is up to date to receive your payments and refunds faster.
2. Stay organized
The organization is key to efficiently filing your taxes as it helps to secure maximum refunds and avoid potential audits. Make sure that all T4/T5 slips have been received and all your invoices, receipts, or tax-deductible donations are together to help make it easy to find everything when it comes time to file.
3. Know the deadlines
The earliest day to file your 2022 taxes online is February 20, 2023. The deadline to file without penalty is April 30, 2023 (May 1, 2023 since April 30 is a Sunday). If you or your spouse or your common-law partner are self-employed the deadline is June 15, 2022. Additionally, the deadline is to pay your taxes is April 30, 2023 (May 1, 2023 since April 30 is a Sunday).
4. Review credits and deductions
This can be overwhelming with so many credits and deductions available. To start, consider your situation and evaluate what you might be eligible for. Did you or your child attend post-secondary education? Did you have any childcare expenses or contribute to your RRSP? Tuition credits, Childcare expenses and RRSP deductions are examples of how you can earn a tax return or decrease the taxes you own.
5. When in doubt, ask for help
If filing your taxes is a giant headache for you, you may want to hire a professional to complete them. They are responsible for completing and reviewing the deductions and credits on your return. They will also be the ones to submit your tax return to Canada Revenue Agency so you know it has been completed with deadlines in mind.
We know not everyone looks forward to tax season, but it doesn’t have to be hard. There are many resources and professionals available to help you along the way.
