Canadian Tax Filing
When you file your Canadian tax return there are several ways you can file. It is becoming more popular every year to file your taxes online. In the US the IRS officially endorses e-filing. The Canadian Revenue Agency (CRA) also notes that e-filing your return is likely to result in a faster refund. We, at Tax Prep 101, recommend this method because it is faster, more convenient, cheaper (most often) and results in a faster refund.Here is a full list of Canadian filing options:
Manually
This is the old way of doing things where you obtain T1 forms from the post office or download from the website of the Canadian Revenue Agency. Once you have filled-in all the appropriate boxes on the sheets of the tax form you mail them in or you can file it by telephone (if your form is very basic).
This service is available to a few who qualify, including seniors and the disabled. File your taxes by phone with no need to send in information slips. See the CRA website for more details.
E-file
The advantages to e-filing are numerous. The US agency, the Internal Revenue Service, actually recommends tax filers use efile for a number of important reasons. There is:
- No mail loss
- Less processing time
- Less waste of paper and
- Better accuracy due to computer calculation and easy access to checking through databases etc.
- Will get their refunds faster (usually, much faster)
- May find their forms easier to fill out with certain programs
- Will find the entire process more convenient, less time consuming and cheaper.
- Will be able to check the status of their refund online with the CRA's new service, My Account (you must use the 8-character access code on a Notice of Assessment).
To use these services you will need:
- Your social insurance number
- Your date of birth
- The Total Income amount that you calculated and entered on line 150 of your tax return for the current year or the past year
