How to Prepare Income Tax Returns in Canada
In Canada, anyone who earns an income must file a tax return at the end of the financial year. The tax return is used to check that you are paying the correct amount of income tax to the government. If you have had too much tax taken from your income during the year, you may be eligible for a tax refund. However, if you have not paid enough tax, you may be issued a tax bill after you file your return. Tax returns are evaluated by the Canada Revenue Agency.
Other People Are Reading
Instructions
-
-
1
Obtain your end-of-year tax statement from your employer. This is called a T-4 slip.
-
2
Obtain a tax return packet; you can download the forms online. Go to the Canada Revenue Agency download page (See Resources) and click on your province to download the appropriate forms. If you would prefer a paper copy, you can have the forms mailed to you by calling 800-959-2221 and requesting them. Alternatively, you can pick up hard copies from the nearest postal outlet or Service Canada office (see Resources).
-
-
3
Complete the tax return form, including the personal and income details for you and your spouse, any tax credits you are owed and any deductions you wish to make. See Resources for a line-by-line guide to the tax return form. Make sure all the details from the T-4 slip match up with the values you enter into your tax return.
-
4
Submit your tax return to the Canada Revenue Agency. To file your tax return using the online NETFILE service, download and install one of the approved software applications, and follow the submission instructions. Alternatively, you can mail the form to the nearest tax centre. See Resources for help.
-
1
Tips & Warnings
Tax returns generally take two to six weeks to process.
References
Resources
- Photo Credit tax defined image by Christopher Walker from Fotolia.com
