Dorothy Parker famously said, “I don’t like writing. I like having written.” It’s the same with taxes. Whether you’re a born procrastinator or an eager beaver, there’s no better feeling than ‘having filed’. With a little planning and a few tips from TurboTax, getting on the other side of tax time is easier than you think. Whatcha waiting for? Get on it, file your taxes!
- File your taxes before they are due to avoid any interest or penalties.
- Register for CRA My Account and use Auto-fill my return (AFR) to save you time.
- Use a tax checklist to make sure you have all the forms and receipts you need to file.
1. Make sure you file on time
Far worse than having to do your taxes is getting penalized for not doing them. The CRA sets strict due dates for returns and payments. No one is exempt from the interest and/or penalties that come with filing a late return.
The tax filing deadline for individual 2023 tax returns is April 30, 2024. If you’re self-employed, you have until June 17, 2024 to file. But there’s a catch: if you owe money, the CRA will charge you interest from May 1 onwards.
To play it safe, file by May 1st. The sooner you file, the sooner you could get your refund!
2. Get your ducks (and your docs) in a row
In a perfect world, you’ve got a folder of receipts, expenses, and documentation ready to go. If not, no big deal. TurboTax has you covered with a downloadable checklist of all the forms and receipts you’ll need to file.
The only tax checklist you need
Get organized and tackle your taxes like a pro. This tax checklist tells you everything you need to file your 2022 return on time and accurately.
3. Set up a CRA My Account
Having a CRA My Account is like being in the express checkout lane at your grocery store. It’s the easiest, fastest, and most secure way of managing, accessing, and submitting all your important tax documents like your T4 slips and benefit payments.
It takes less than five minutes to sign up and your future self will thank you, especially when you get your refund faster after setting up direct deposits.
Here’s how to set up your CRA My Account.
4. Use Auto-fill my return (AFR)
One missed slip or misplaced RRSP contribution receipt can make the difference between a smooth tax season and unexpected penalties and interest.
By importing forms and information from CRA My Account into the proper spots on your tax return, AFR eliminates human error and delivers the peace of mind of knowing your information is safe, accurate and complete.
Want to activate the magic of Auto-fill my return with TurboTax? Here’s how.
5. Don’t leave any tax credits or deductions on the table
Did you know there are hundreds of tax credits and deductions you can leverage to maximize your refund or lower the amount of taxes you’d pay? Better yet, TurboTax automatically searches for 400+ credits and deductions for you, so you don’t have to.
Whatever your tax situation is, there’s likely a credit or deduction with your name on it. Be sure to claim them all!
6. Sign up for direct deposit
Direct deposit is the icing on the taxpayer cake. By signing up for direct deposit with the CRA, you’ll have income tax refunds, GST/HST credit payments, and child-related government benefits deposited right into your account as soon as they become available. Once you do this, keeping track of payments will be off your to-do list forever.
Here’s how you can sign up for direct deposit with the CRA.
7. Get support when you need it
Ready to prepare your own return but still want an expert in your corner? TurboTax Assist & Review offers the benefit of an on-call tax professional who can answer your questions 24/7 and even review your return for accuracy before you file. Even if it is at the last minute.
There’s no greater feeling than crossing something (as important as your taxes) off your to-do list. These tips can help you feel as ready as ever.
You’ve got this, friend!
File with confidence
Get advice and answers as you go, with a final expert review before you file.
