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It is tax time - Get Ready
2-19-2019
Listed below are ways to get ready to file your 2018 income tax return:
• Gather all your income tax information, such as T4 and T5 slips, receipts, and a copy of last year's return for reference. You can get some of your tax information through My Account. Be sure to also check out our new and enhanced services, which can help you file your return, receive your refund faster or make a payment.
• Discover all the credits and benefits you may be eligible for. These include various child and family benefits.
• File your return. Using certified tax software to transmit your return is fast, easy, and secure. If you are registered for My Account, you can use the new Auto-fill my return service to automatically fill in parts of your income tax and benefit return, making the online filing process even simpler. You can also file by completing a paper return. Tax packages will be available at all Canada Post outlets and Service Canada offices starting February 1, 2019.
• Send your return. You can send your return electronically from within the certified tax software or by mail to a CRA Tax Centre.
• Make your payment or receive your refund.
When to file
April 30: Returns due for individuals. Most Canadian income tax and benefit returns for 2018 are due on April 30, 2019.
June 15: Returns due for self-employed workers and their spouses or common-law partners. However, if you have a balance owing for 2018, you still have to pay it on or before April 30, 2019.
Why file online
Last year, 82% of individuals filed their tax returns online. When you file online, it can lead to faster refunds when combined with direct deposit
Canada Revenue Agencies Queries:
Some of those attention-getting triggers for Canada Revenue Agencies audits are:
• Automobile expenses – failure to keep log bog and claiming 100 business use of automobile.
• Ignoring the CRA's requests for further information.
• Recurring losses from a rental property.
• Being self-employed and claiming excessive expenses.
• Large or unusual changes in deductions or credits.
• Claiming hefty home-office deductions.
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