3 Reasons Why Doing Your Taxes Yourself—and Online—Will Save You Time and Money

Here are three key benefits of filing your own taxes online.

1. You can file your taxes anywhere, anytime

You can now do almost anything online, from ordering a ride to renting out a swimming pool for the day to ordering food. Also on that list: Doing your taxes from the comfort of home.

The convenience factor of filing your taxes online can't be overstated. Instead of talking on the phone with an accountant or scrambling to gather all the documents you need before dashing off to an in-person appointment, filing online lets you go at your own pace. If you need a break or have to go off to find more documents, no problem. You can pause and pick things up right where you left off.

“Filing online can really help simplify the process, saving you time and hassle,” says Kayla Brownrigg, Tax Expert with TurboTax Canada. “It allows you to do your taxes from the comfort of your own home and at any time of the day, no need to fit office hours into your schedule.”

If you'd rather file your taxes while sitting on a beach sipping a drink, you can do that, too. Just load up TurboTax Online—a web-based program certified by the Canada Revenue Agency (CRA)—and you can file your taxes from anywhere. TurboTax's mobile app also makes it easy to file securely on your phone or tablet.

2. File your return and get your tax refund faster

 

No one wants to drag out their taxes, which is another reason why using an online platform is better: It takes a lot less time to send in documents online than filing a paper return.

For starters, there's no need to manually input certain documents. TurboTax Online uses a time-saving feature called “Auto-fill My Return” to import tax slips (such as your T4, T4A, and T5) from the CRA. This reduces the risk of missing information or entering incorrect figures. You can also upload last year's tax return to autofill personal and tax information.

Once you've filed online, the CRA will issue your notice of assessment within 2 weeks. A paper return, however, can take up to eight weeks to process, plus even more time to mail out your cheque.

“There's no question, doing your taxes online is much faster than filing a paper return,” says Brownrigg. “More importantly for many, it speeds up the time it takes to get your refund.”

What if you make a mistake? No problem—fixing errors is faster online, too. If you need to fix something, you can easily make changes after you've filed using ReFILE, which is available through TurboTax Online. If you're making changes by mail, you'll have to fill out the T1 Adjustment Request form, send it along with any supporting documents to your local tax centre and hope the document doesn't get lost in transit.

3. Filing online is more affordable than paying a tax pro

Filing your taxes can potentially save you money, too.

This is especially true if you have a simple tax situation. TurboTax Online's basic service is free; it includes importing tax slips from your CRA account and refiling a return if you need to make adjustments. For most Canadians, taxes can be fairly simple, so using a costly accountant might be overkill.

“Filing your taxes online will generally cost less than hiring a professional, especially for a straightforward return,” says Brownrigg. “But you can get some help, too—and still never have to leave your home.”

Regardless of the service level, TurboTax Online will flag any errors before you file your taxes, with a 100%-accurate calculations guarantee. All service levels also use “Auto-fill My Return,” reducing the likelihood of mistakes and costly penalties.

Situations where you may need a tax expert

Those with more complex tax situations can use TurboTax Online, too. If you own a business, you're selling assets, like a house or stocks, or you're moving provinces/territories you may want an expert to prepare your return and file it for you.

“Whether you're self-employed or selling a rental property, TurboTax Online can help,” says Brownrigg.

You don't lose any of the convenience by bringing an expert on board. Your taxes will still be done online, in as little as a day, with no in-person appointments required.

Take all the guesswork out of doing your taxes

TurboTax Online makes it easy: Just answer some simple questions, and we'll guide you through filing your taxes.

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