How to File a Canadian Tax Return: A Basic Guide
- Newcomers in Canada need to file a Canadian tax return to get many benefits.
- The last date for this year’s tax return filing is on the 30th of April.
Newcomers in Canada need to file tax returns to claim certain benefits. If you are a newcomer to Canada, you must learn about the tax return policies in Canada.
A tax return is a document that you need to file with the Canada Revenue Agency (CRA). In your tax return document, you need to report your income, deductions, and credits for a given tax.
Now let’s find out why you should file your tax return and the ways to file it properly.
- You need to file the return as a newcomer even if you have not spent a whole year in Canada.
- You have to file the return if you have earned an income through employment, investment, or other sources, and you have tax owing or want to claim a refund on a given tax.
- Filing the tax return also allows you to claim benefits like the Canada Child Benefit or the GST/HST credits.
How to File Tax Returns in Canada
You can file your tax return online or offline. You can file your tax return through certified websites. The best way to do this is through the Canada Revenue Agency website.
If you want to file your tax return offline, you can order the package online from CRA or call 1-855-330-3305 to get the package from CRA.
The last date for filing tax returns is April 30 of every year. If April 30 falls on a weekend, the deadline is extended to the following working day.
If you or your spouse or common-law partner is a self-employed person, then the deadline for filing the tax returns for them will be June 15th.
Here is the list of details you need to provide while filing your tax returns.
Details you need to share:
- Social Insurance Number
- Details of the spouse or common-law partner
- Statement of remuneration paid (T4)
- Statement of Trust income allocation and designation (T3)
- Statement of investment income (T5)
- Additional information about any deduction or credits you are claiming
For more details on the requirements, visit the CRA website.
Do not forget to collect your receipts. Collect and keep all the receipts for medical expenses, charitable expenses, and business expenses for at least six years after you file your tax return.
The CRA can ask to see these receipts, or you may be eligible for various deductions, such as:
- Family, childcare, and caregiver deduction
- Home buyer tax credits
- Disability tax credit, etc.
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