Did you settle in Canada in 2016? As a Canadian resident, you should do your taxes every year. Here are some quick tips to help you banish tax time stress and get your refund sooner.
Organize your receipts. Don’t wait for April to start gathering the information you need to complete your income tax return. Assign a dedicated folder for filing away all your receipts for things like prescriptions, monthly public transit passes, your T4 and T5 slips, and relevant financial statements throughout the year to avoid lost information and a last-minute scramble. If you do the taxes for your children, partner or parent as well, ask them to do the same.
Research eligible credits. Check out which tax breaks and credits you qualify for, such as the Canada Child Benefit, interest paid on student loans, and GST/HST credits. Even if you have no income to report, you should still file a return as you may be eligible for certain benefits.
Mark your calendar. Instead of seeing that looming deadline creep up on you while you wait to find a break in your schedule, block off some time in your calendar well in advance and keep that appointment with yourself (or your advisor) as you would any other meeting.
Sign up for direct deposit. Conveniently get your income tax refund, GST/HST credit, and other tax-related payments deposited straight into your bank account and get immediate access to your money from just about anywhere. Direct deposit is the fastest, safest and greenest way to get your payments. Sign up for direct deposit by visiting your financial institution or go to directdeposit.gc.ca for more information.
– News CanadaPosted: Jan 31, 2017