Tax slips are prepared for you by your employer, payer or administrator. You should expect most of these tax slips and receipts by the end of February. Tax slips such as the T3 and T5013 slips will be sent out to you by the end of March. So what are the tax slips that you need before you can file your tax return? The general categories of tax slips that you should collect (if it applies to you) before filing a tax return are:- T4 slip: This tax slip is a summary of your employment earnings and deductions for the year....
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As Canadians, it is our obligation to file a tax return. It is important that we fulfill our tax obligations and file our tax returns. A key benefit that you can get from filing your tax return is that you will avoid having issues with the CRA for not filing. Of course, there are many other benefits for filing your tax return. If you do not file, you will not be able to get any of the following benefits:- Claim a tax refund. You will not be able to claim a refund if you don’t file your tax return in the...
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Tax season is starting soon and you should expect a rise in scams and other fraudulent activities related to your taxes. Taxpayers should always be vigilant when you receive correspondence either by phone, email or mail that claims to be from CRA especially if it is asking for personal information such as your social insurance number, credit card number, bank account or passport number. Here are a few more tips to keep in mind to avoid being a victim of these scams: • If you are ever asked to pay taxes or fees to the CRA on lottery or sweepstakes winnings,...
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If you have recently received a suspicious letter claiming to be from CRA by mail, you should know the things that CRA will or will never do when sending letters to taxpayers by mail. When sending a letter by mail, the CRA my do any of the following: • Ask for financial information such as the name of your bank and location;• Send you a Notice of Assessment or Reassessment;• Ask you to pay an amount you owe through any of CRA’s payment options (for payment options, please visit: https://www.canada.ca/en/revenue-agency/services/make-a-payment-canada-revenue-agency.html); • Take legal action to recover the amount you owe, if...
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