Tax filing season is here. What you need to know to get the most money back
Global News
Tax filing season has officially kicked off and some Canadians will be able to get money back from the government, but starting early and being aware of changes is important.
Tax season is officially underway in Canada.
As of Monday, tax filers are now able to submit their returns both electronically and by mail, where possible, with the deadline to file and pay taxes owed just a few months away.
To help maximize savings and potential refunds, experts say it’s important to prepare early and be aware of some changes for this tax season.
“I would start as early as possible. No doubt, start by collecting all your slips,” says Ryan Minor, director of tax at Chartered Professional Accountants Canada.
“If you’re doing it yourself, you want to make sure you maximize your refund, claim every deduction and credit that you’re entitled to.”
Here’s what you need to know to get started.
The deadline to file tax returns in Canada is April 30, or June 15 for Canadian taxpayers and their spouses/common-law partners with self-employment income.
In almost all cases, the deadline to pay taxes owed to the Canada Revenue Agency, or CRA, is April 30. Taxes owed and a tax return are different, which Minor says can be confusing.
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