Start as soon as you have your tax slips, certificates and receipts ready. Electronic submission opens in late February.
Prepare your tax return.
You'll be asked to create your tax file and set up your user ID and password.
The software will prompt you to type in your personal information, and the relevant information from your tax slips.
It will help you identify applicable tax deductions and credits, using relevant information from certain receipts and certificates.
If you expect a refund, the CRA will send you a cheque.
You may need to print and mail by regular post your tax return if your submission to NETFILE did not succeed.
Your Notice of Assessment will be posted in your CRA account.
Keeping up with your taxes means submitting your return every year and monitoring your CRA account.
Keep your Notice of Assessment in a safe place.
If you don’t file by the deadline…
If you under-report income from employment or investments, you will be assessed various penalties.
If you owe taxes and cannot pay, you should register with My Account and set up a payment plan (you will still pay interest).
If you don’t have a receipt to prove your claim for a deduction,try to recover the receipt. If you cannot, you should not claim the item because the CRA often follows up and asks for original receipts.
If you discover that you owe past taxes, it’s better to deal with it because sooner or later you will have to. If you owe taxes, it is better to initiate by filing than wait for the CRA to contact you. If you find yourself in this situation, you should seek professional advice.
Find a current list of providers on the CRA website, https://www.canada.ca/en/revenue-agency.html
Once you complete your return, double-check all entries and compare them with the tax slips, certificates and receipts you received.
When you're satisfied,
File electronically from your tax software to NETFILE, which will transmit it to the CRA. Save the confirmation number you receive when the filing is completed. Write it down.
Make a payment if you owe tax - before the end-of-April deadline.
You can do it online from your chequing account - choose the CRA as a payee.
The CRA provides instructions on its website how to make the payment using a debit card, e-transfer, a credit card, PayPal, and even in person at a bank or Canada Post Office.
After your filing has been processed by the CRA, you will receive a Notice of Assessment - this may take a few days.
If you decide to do it yourself, choose your tax software provider
If you expect a refund, the CRA will make a direct deposit to the account you've identified in Your CRA Account.
There are 2 ways to do your taxes:
1. Prepare your tax return yourself, using a free CRA-approved tax preparation software.
2. Hire a professional to do it for you - for a fee.
It's a personal choice. Keep in mind that:
Recall your user ID and password from last year if you're using the same provider.
A lot of the information will be auto-filled for you because you have your CRA account:
The software will help you identify applicable tax deductions and credits.
You may have to manually add any slips and certificates that have not been uploaded, and key in any expenses for which you have receipts - if you are eligible for such tax credits.
Your Notice of Assessement will be sent by regular mail.