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No doubt, auto-fill features, and online software can make filing taxes less stressful. Moreover, somewhat it can make it like do-it-yourself kind of way.
Irrespective of whether you are outsourcing the work of filing taxes to an accountant or online tool, sometimes it is good to know certain details in filing taxes. Well, it won’t harm you if you are able to know when the deadlines fall and what documents you must have.
Basic Details To Know While Filing Taxes
1) What Is Canada Revenue Agency (CRA)?
CRA is a federal agency that administers tax laws and collects taxes on the part of the Canadian government and other Canadian provinces as well as territories. Furthermore, the CRA or the Agence du revenue du Canada will check out the various economic and social benefits and incentive programs through the tax system.
Other CRA Duties
Besides the above functions, the CRA even oversees the family and child benefits which even includes the CCB (Canada Child Benefit). Here this particular benefit is a tax-free and monthly payment that is eligible for families needing assistance in raising kids under the age of 18 years.
To know more you can go to the CRA Login online website.
2) When Is The Deadline For Contributing To RRSP?
Well, the deadline is on March 1. But since this year March 1 falls on Sunday, the cutoff is March 2. Mostly you can put your money in the RSSP (Registered Retirement System Plan) at any time.
3) When Is The Canada Tax Deadline?
The deadline is as usual on April 30 and this is the date most Canadian must keep in mind. Now for most of the taxpayers, this is the deadline for paying the due taxes and filing returns. In case you are self-employed, you have until June 15th for filing.
Also if you are late to send your paperwork or settle your balance, you will face late penalty fees and even daily interest charges on the taxes that you owe.
4) What Is The Earliest Date To File The Taxes?
Now if you are eager to bag the refund, then you should know that the CRA (Canada Revenue Agency) will begin to accept electronic returns on Feb 24. Frankly, most people like to avoid the queue involved in the tax-processing as they assume that they will get money back. However, a tax bill is one of the best reasons to file taxes early. It will allow you to create a plan to make payment for your taxes in installment. Keep in mind that the more you manage to make payment by April 30, the less charges you end by getting.
5) How Can You Contact CRA?
Now there are various ways for CRA contact. The first method is if you have registered in the My Account platform of the CRA. Here it will have various functionalities that will allow you to interact with the CRA. For example like doing the CRA address change procedure or submitting documents. Even there are various telephones provided by the CRA for contacting them.
Conclusion
As soon as you are able to know a lot about CRA, it will be easy for you to use it.
For More Information: T4A
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