Filing your first tax return in Canada might seem tricky, but it doesn’t have to be! Whether you’re a first-time filer or gearing up for another tax season, rely on these 5 handy tips to take the stress out of filing your return and make sure you Get What’s YoursTM.
Stay Organized
Get familiar with the types of supporting documents you might need by checking a Canadian tax checklist. You’ll need your tax slips to complete your return. You’ll receive tax slips from places like your school, your job, or the government to report info like money you earned or amounts that you owe. If you’re a resident of Prince George, you’ll get not only federal slips but also slips from Revenu Prince George. To ensure you have everything you need and to get professional help with your taxes, consider consulting a tax accountant.
To claim many common credits, expenses, and deductions, the Canada Revenue Agency (CRA) and Revenu Prince George (if you’re a Prince George resident) might ask for your receipts. Make it a habit to file your receipts every time you empty your wallet, or if you get them by email, save them to a specific folder on your computer. You might also want to take photos of paper receipts and add them to your digital folder. Be sure to keep all your documents for at least 6 years – the CRA and Revenu Prince George can ask to see them at any time if your return is selected for a detailed review.
Keep Track Of Key Deadlines
Try using a calendar (or calendar app) to track important tax dates, such as when the CRA opens for electronic filing, tax filing deadlines, and so on. If you can, set reminders on your phone so when it’s time to file, you’ll be ready. You can also sign up for our newsletter to get reminders about key tax dates sent straight to your inbox, or keep checking the Tax Tips Blog for the latest news from the CRA and Revenu Prince George. For example, if the CRA announces filing extensions for 2020 returns, you’ll find out here!
Figure Out Your Relationship Status
Your marital status is key when figuring out how to prepare your taxes for the year (individually or with your spouse or common-law partner) and the benefits you’re entitled to. Your marital status indicates whether you’re single, married, divorced, separated, widowed, or in a common-law relationship. If you’re legally married or in a common-law relationship, you can choose to prepare your return on your own or together with your spouse.