Canadian Tax Preparation Online

This year, it is expected that more than 50% of Canadian tax returns will be filed online. Canadians have the option of filing their own tax return through the Canadian Revenue Agency's (CRA) Netfile service or though a third party transmitter including the tax preparation websites profiled on this site (TaxWiz, UFile and others).

The information listed below is a partial list of online and electronic resources for the tax filing year, 2005.

For individuals
This year, the CRA has added a dynamic new service, My Account, to help Canadians track their tax returns. In addition, you will soon be able to:

Get a more detailed summary of your benefit account
See a financial summary of our assessment of your current-year tax return
Authorize a representative
Set up a pre-authorized payment plan.

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For businesses
There are three ways that Canadian businesses can file information returns over the internet:

T4Web forms can be used if you have 3 slips or less. These are fillable online.
T4 Desktop Application is a downloadable application used for up to 70 slips.
T4 Internet File Transfer can be submitted with the help of commercial payroll software (be sure to use CRA approved software).
For those who have to pay taxes the CRA has a pre-authorized debit option which allows Canadians to deduct a regular amount from their bank account. You can also arrange with your bank, or other financial institution, to pay your taxes owed through them.

Charities
The newly redesigned Form T3010A, (the Registered Charity Information Return) is available in sample form from the CRA website. Charities can also register online for the CRA's Charities Roadshow Information Sessions.

The CRA has a searchable online list of all registered charities. Here you can also find publicly available information about charities' tax status and partial information about charities' information returns.

Tax professionals online
Many Canadians still want to hire tax professionals to help them with returns or payments and to verify all forms. The CRA does have a portal on tax preparers. Tax Prep 101 also has a short list of guidelines and advice.

(some information adapted from the CRA's website, cra-arc.gc.ca)