Tax season is upon us, and it’s essential to start planning ahead to ensure that you get the most out of your returns. The personal income tax return for 2022 has to be filed on or before May 1st, 2023 (since April 30th is a Sunday) unless you are self-employed, and for individuals, spouses, and common-law partners must be filed on or before June 15, 2023. Any amounts owing to the CRA must be paid on or before May 1st, 2023.
10 Tips for Tax Season
It’s important to remember this deadline, as complications and delays could mean a longer wait for your tax refund. To help you navigate the tax season, here are 10 tips to keep in mind:
- Register for a CRA account. This will give you access to important information and make it easier to file your taxes.
- Access your T4s on your CRA account. These slips provide information on your income and deductions, and they’re essential for filing your taxes.
- Set up automatic deposits for faster refunds. This will ensure that your refund is deposited directly into your bank account.
- Collect receipts for employment purposes. This includes expenses like uniforms and safety equipment.
- Keep track of student loan interest. This is a tax credit that can help lower your tax bill.
- Collect your medical expense receipts. This includes things like prescription drugs and medical equipment.
- File your taxes even if you had no income last year. You may be eligible for certain benefits or credits that you wouldn’t otherwise receive.
- Make sure you file on time. Late filings can result in penalties and interest charges.
- You may need a professional accountant. If you have a complex tax situation, it may be beneficial to consult with a professional.
- Book our services!
In conclusion, it is crucial to be aware of the tax season deadlines and to start planning ahead. By following these tips, you can ensure that you get the most out of your returns and avoid any complications or delays. Remember to file your taxes on time, keep track of important documents