Filing a Tax Return
A tax return is basically your report to the government of all of your income and some other financial details for a given year. While your return may show that you have to pay more tax, you may also be eligible for a tax rebate if you have credits for expenses like health care, child care or school. Before you begin, take some time to learn more about taxes and filing a tax return.
The Basics:
· For detailed information about taxation, contact:
· Make sure you are aware of the deadline for filing your tax return, usually at the end of April. There are financial penalties for filing a late return if you owe the government money.
· The amount of income tax that a person pays is based on the amount of taxable income earned during the previous calendar year and any tax credits that have been earned.
· Keep a record of your income from all sources. If you work for someone else, they are obligated to send you a statement listing your income and any deductions that have been made for income taxes, employment insurance, Canada Pension Plan, etc. Use this information to fill out your tax return.
· Remember to keep a copy, paper or electronic, of your return for future reference.
· After your tax return has been processed, Canada Revenue Agency will mail you a Notice of Assessment showing any changes or corrections made to the tax return (such as identifying and correcting a math error). If you are entitled to a refund because CRA agrees with the calculations on your return that you over-paid your taxes during the year, CRA will issue a refund.