How to file taxes.
When do I need to file taxes?
That depends on what taxes you intend to file. For example, February 1, 2016 is the due date for businesses to file Goods and Services Tax (GST) / Harmonized Services Tax (HST) for the prior quarterly reporting period. This repeats at the end of April, July, and November. But, in terms of personal income taxes for 2015, the big deadline is May 2, 2016. Self-employed persons need to file their personal income tax return by June 15, 2016. When the due date falls on a Saturday, a Sunday, or a holiday recognized by the CRA, they consider your return to be filed on time if received or postmarked on the next business day.
What documents do I need to file my taxes?
Unless you are self-employed, your employer, payer, or administrator prepares most of the slips you'll need to file your tax return. You may also receive documents from your bank or other financial services providers. You should have received most of these by the end of February. However, T3, and T5013 slips do not have to be sent before the end of March. You can obtain current and prior year old age security (OAS), employment insurance (EI) and Canada Pension Plan (CPP) tax slips electronically from the Service Canada website.
Documents you may receive include:
- T4, Statement of Remuneration Paid
- T4A, Statement of Pension, Retirement, Annuity, and Other Income
- T4A(OAS), Statement of Old Age Security
- T4A(P), Statement of Canada Pension Plan Benefits
- T4E, Statement of Employment Insurance and Other Benefits
- T4RSP, Statement of RRSP Income
- T5007, Statement of Benefits
- RC62, Universal Child Care Benefit statement
- RC210, Working Income Tax Benefit Advance Payments Statement
You may wish to cross-reference these documents with your own paystubs, financial statements, or receipts for tax deductions. You'll need to attach the stubs or statements to your paper return. If you are filing electronically, keep all of your documents in case you are asked for them by the CRA.
How to file a tax return?
Before tackling your tax return, make sure you have the appropriate documents listed above and your social insurance number. You may need an income tax package for the province in which you lived on December 31 of the taxation year. The package includes a return (form), federal tax worksheet, schedules (more forms), a provincial or territory tax worksheet and an information guide. These packages can be obtained online or print versions can be requested. The CRA encourages Canadians to file their income taxes online using NETFILE. This can be done easily using tax preparation software from H&R Block. Alternatively, you can submit your tax return by mail.