The do's and don'ts of filing your taxes taxes financetips taxseason
Even if you don’t have the funds available to pay your taxes, you should always file on time. By doing so, you’ll avoid any penalties and interest charges. In addition, by filing your taxes, you may become eligible for benefits such as the GST/HST credit and the Canada Child Benefit.Article contentWhen filing your taxes, you should be using NETFILE certified software since it’s the government of Canada’s secure online service.
Although there are different versions of tax software that are free, some have paid versions that have extra features. For example, with TurboTax Live Full Service, you can hand off all your documents to a tax expert and have them file for you. Come next year, you’ll be able to take advantage of the tax deductions that your RRSP contributions provide you. For every dollar you contribute, your income for the year is reduced by the same amount. For example, let’s say you earned $60,000 and contributed $5,000 to your RRSP. That means your taxable income for the year would be $55,000.Even if you didn’t contribute to your RRSP, there are a few tax credits and contributions you don’t want to forget about.
If the income tax you owe ever exceeds $3,000, the CRA may require you to start making quarterly tax instalments. While this will rarely happen to most individuals, it may occur for many self-employed individuals and those with insufficient or no taxes withheld.
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