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Jan 25, 2024 · 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 2023 return on time and accurately. Download Checklist.
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- Overview
- Basics of a tax return – lesson completed
- Basics of a tax return (part 1 of 4)
- Basics of a tax return (part 2 of 4)
- Basics of a tax return (part 3 of 4)
- Basics of a tax return (part 4 of 4)
- Providing your personal information – lesson completed
- Providing your personal information (part 1 of 8)
- Providing your personal information (part 2 of 8)
- Providing your personal information (part 3 of 8)
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An introduction to a basic income tax and benefit return. What you need to report, how to claim deductions and tax credits, and finding out whether you will get a refund or owe tax.
The 6 steps for all tax returns, and how to file electronically.
Time to complete: about 8 minutes
•4 sections
1.Filling out your tax return: Start this lesson
2.The 6 steps explained
3.Filing your tax return electronically
Filling out your tax return
There are 6 steps to completing your income tax and benefit return. This structure is the same for simple tax situations and complex ones. Knowing the basic steps and seeing how they connect will help you do your taxes, whether you use a paper return or file electronically using certified tax software.
Income tax and benefit return
Income tax and benefit return
If you do your taxes electronically, please note that the certified tax software you use may not show all the individual steps. The software calculates continuously as you enter more information.
Video series
The 6 steps explained
Step 1: Identification and other information Enter personal information about yourself so the Canada Revenue Agency (CRA) can identify you and accurately calculate the benefits and credits you may be entitled to. Step 2: Total income Report your income from all sources that you earned or received during the year. The taxes you might owe are calculated based on your income. Step 3: Net income Claim various deductions to reduce your total income to your net income. Total income −minus Deductions =equals Net income Step 4: Taxable income Claim other deductions to further reduce your net income to your taxable income. Net income −minus Deductions =equals Taxable income Step 5: Federal tax Calculate the federal tax you owe on your taxable income by using your taxable income, the applicable tax rate and the non‑refundable tax credits you're entitled to. Taxable income ×multiplied by Federal tax rate −minus Federal non-refundable tax credits =equals Federal tax Note: Federal tax will show up as Net federal tax on the paper return. Step 6: Refund or balance owing Determine the final result of your tax return by subtracting your total credits from your total payable. You will either be entitled to a refund or have a balance owing. Total payable −minus Total credits =equals Refund or balance owing Next: Part 3
Filing your tax return electronically
There are many certified tax software you can choose from to do your taxes, some of which are free, and each is a bit different. When using a software, you will answer some questions at the start of the process about your personal situation. Some software make suggestions based on the questions you answered, while others do not provide suggestions and require you to enter certain amounts yourself. Most software guide you through the process so you do not miss out on any deductions, credits or benefits that you may be entitled to. However, it is always a good idea to know what is available to make sure you are not missing out. If you are using certified tax software, it will do the calculations for you automatically and may not show the individual steps. Most software advise you of any issues or errors with your tax return so you can correct them before submitting the return to the CRA. Although the software does the calculations for you, you are ultimately responsible for the tax return that you submit, so it is important to understand how the calculations are completed. Resources are available After you finish this lesson, these resource links will be available: Full list of available certified tax software Claiming deductions, credits and expenses Test yourself There are many different types of certified tax software available. Do you need to be a tax expert to do your own taxes using certified tax software? Yes No Check your answer on certified software. Sorry, that's incorrect. It's easy to do your taxes electronically, and the software does most of the work for you. Most software guide you through the process, and some make suggestions based on your answers to the questions about your personal situation. That's correct. Answer: "No" It's easy to do your taxes electronically, and the software does most of the work for you. Most software guide you through the process, and some make suggestions based on your answers to the questions about your personal situation. Next: Part 4
Doing your taxes every year
It is very important to do your taxes every year, even if you had no income in the year. The CRA uses the information from your taxes to determine if you are entitled to a tax refund or any benefit and credit payments, like the goods and services tax / harmonized sales tax (GST/HST) credit or the Canada child benefit. Fast fact If you are registered for My Account and are using certified tax software, you can use Auto-fill my return. This service lets you automatically fill in parts of your tax return with information that the CRA has available. This means you don't have to manually enter all of the information from your slips. When using this service, make sure the CRA has all of your slips on file and the information is correct. Resources are available After you finish this lesson, this resource link will be available: T1 Income tax package Finish and close the lesson: Basics of a tax return B
What kind of personal information do you need to provide, and why it's important for the information with the CRA to be accurate and up-to-date.
Time to complete: about 9 minutes
•8 sections
1.Why provide information about yourself: Start this lesson
2.Providing your name, address and social insurance number
3.Providing your date of birth, language of correspondence and email address
Why provide information about yourself
When you fill out your income tax and benefit return , you must provide personal information so the Canada Revenue Agency (CRA) can identify you and accurately calculate the benefits and credits you may be entitled to. This is Step 1 in filling out your tax return. Protect yourself The CRA will not ask for information about your passport, health card, or driver’s licence. The CRA uses the information you provide in Step 1 of your tax return to send you important mail and to calculate certain benefits. Incorrect or incomplete information can cause delays or inaccurate calculations, so it is important to provide the information to the best of your knowledge. The CRA ensures your information is kept confidential. Updating your information with the CRA before you file your taxes electronically You cannot update certain personal information on file with the CRA, such as your address or name, by entering the new information into the certified tax software. Be sure to update this information with the CRA before you use the software. You may be able to update this information using My Account. By registering for My Account, you can have access to helpful services to complete your tax return more easily. You can also contact the CRA to make changes to your personal information. My Account My Account Resources are available After you finish this lesson, these resource links will be available: Updating your personal information Contacting the CRA Next: Part 2
Providing your name, address and social insurance number
Full name You must provide your first and last name. If you are using certified tax software, the name you put on your tax return must match what is on file with the CRA. To change your name, please contact the CRA by phone or by mail. Resources are available After you finish this lesson, this resource link will be available: Contacting the CRA Example: Reporting your name Charles Bélanger-Chapleau filed his first tax return using his full name. He must now use this same name every year, unless he contacts the CRA to change it. Using only "Charles Bélanger" may create problems in the CRA's system. Mailing address You must provide your complete mailing address. You can update your mailing address on My Account or by contacting the CRA. Social insurance number (SIN) You must provide your SIN, which is a 9-digit number (for example, 111 111 111) that identifies you for income tax purposes. It also allows you to work in Canada and receive benefits and services from the government. Your SIN is unique, personal and confidential. However, you must provide your SIN to your employer, your financial institution and certain government departments. Next: Part 3
Providing your date of birth, language of correspondence and email address
Date of birth You must provide your complete date of birth. The CRA uses your date of birth to check your identity. The CRA must have your complete date of birth on record for you to submit your return electronically. You can contact the CRA to confirm what information is on file before doing your taxes electronically. Language of correspondence You must choose either English or French. The CRA communicates with you in the official language of your choice. Email address Enter your email address if you would like to receive some of your CRA mail electronically through My Account instead of by regular mail. If you choose this option, the CRA will email you to tell you when correspondence is waiting for you in your My Account. Next: Part 4
Mar 15, 2024 · February 19, 2024: Earliest day to file your taxes online. April 30, 2024: Deadline to file your taxes. June 15, 2024 (June 17, 2024, since June 15 is a Saturday): Deadline to file your taxes if you or your spouse or common-law partner are self-employed.
Who should file a tax return, how to get ready for taxes, filing and payment due dates, reporting your income and claiming deductions, and how to make a payment or check the status of your refund.
- Determine if you need to file a tax return and what your tax obligations are.
- How to report your benefit amounts, issues with tax slips, payment options, and interest relief if you owe 2022 taxes.
- Find out what's new for 2022, key filing and payment dates, what to report and claim, and ways to file your taxes.
- Find options to pay now, pay a debt over time or if you cannot pay, and how to pay 2023 taxes by instalments
- Get your notice of assessment, pay a balance owing, check the status of your refund, make a change to your tax return.
- Become an authorized representative, register your organization to host a free tax clinic, or volunteer at a tax clinic.
- Filing and payment due dates for taxes, contributions, instalment payments, and amounts you may owe.
- Find out what you need to report as income and where to enter it on your tax return.
- Find deductions, credits, and expenses to reduce the amount of tax you have to pay.
- Changes to taxes and improvements to services for individuals and families for the 2022 tax year.
Aug 2, 2023 · Key Takeaways. Canada’s tax system is regulated by the Canada Revenue Agency (CRA), and the deadline to file taxes is April 30. Use the tax checklist to make sure you have all your information in one place, which will make filing taxes fast and accurate.
Apr 22, 2024 · Key Takeaways. Each tax slip details various types of income and credits that help you fill out your T1 return. The T1 General isn’t actually a tax slip, but it’s the primary tax form used for filing personal income tax returns in Canada. It summarizes your income and tax liabilities.
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Jun 6, 2024 · 7 min read. Listen to this article. Share this article. Filing your taxes each year can sometimes feel like a chore. But it’s an important part of your financial year. If you’re eligible for a refund, the sooner you file, the sooner you’ll be able to access your refund to help you with your financial goals.
