Whether it's your first time filing a tax return or you're simply looking to bolster your understanding of a few tax basics, we're here to help.
Below we cover the fundamentals of filing a return, from why you should do it, to how you can benefit from the deductions and credits available to you.
Why You Should File
Even if you have little to no income in the year, filing a tax return is still a wise move for many reasons.
The Benefits of RRSPs
A Registered Retirement Savings Plan (RRSP) continues to be one of the best tax shelters available to the average taxpayer.
Turning Charitable Donations into Tax Savings
The charitable donation receipts you've been gathering all year may be worth more than you realize. Your generous contributions can go a long way in reducing your taxes.
What Happens After You File?
After you've filed your return, the Canada Revenue Agency will send you a Notice of Assessment along with your refund cheque or statement of balance owing. The Notice of Assessment explains any changes to the way you filed your return and advises you of any additional tax liability.
Requesting an Adjustment
Did you receive additional income slips or find more deductions after you filed your taxes? We recommend that you request an adjustment to your return. And the sooner you do it, the better.
