Feb
12

Ways to file your taxes Part 4: Storefront Services & Accountants

Storefront services offer taxpayers walk-in preparation of their Income Tax Returns.  PROS:  You get instant refunds at a fee, Free electronic filing (EFILE - http://www.efile.cra.gc.ca/l-frntpg-eng.html ) to the CRA CONS:  Will cost you at least $80 for simple returns, some charge extra to prepare additional schedules, preparers do not have in-depth knowledge of tax laws and special situations. Accountants ( www.kdprofessional.ca ) can prepare and file your income tax return for you.  They usually file your taxes through EFILE or by mail.  PROS:  Accountants have in-depth knowledge of tax policies and will be able to handle special tax scenarios, will be...
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Feb
11

Ways to file your taxes Part 3: NETFILE

The Canada Revenue Agency offers NETFILE to clients who wish to file electronically with an approved tax preparation software.  Here is the list of Certified Software -- http://www.netfile.gc.ca/sftwr-eng.html PROS:  Some software are free for low-income earners, Fast refunds, often within 2 weeks, can handle specialized returns CONS:  You have to buy a new package every year, Some have said that this option is not always reliable as they have experienced “lost” returns.
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Feb
10

Ways to file your taxes Part 2: Telefile for Seniors

Seniors do not have to prepare their tax returns in order to use the Telefile Service for Seniors.  Using a touch-tone phone, clients need only identify themselves and answer some yes/no questions.  For more info - http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/tlfl/snrs-eng.html PROS:  very convenient for seniors CONS: limited to taxpayers over 65 years old w/ taxable income of less than $11,000 or $16,000 if taxpayer is entitled to disability amount
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Feb
09

Ways to file your taxes Part 1: Manual Filing

Income Tax Return Preparation can be a daunting task for many Canadians.  It is of utmost importance that you choose the best way to file your taxes depending on your own personal situation.  Here are ways to file your taxes with the CRA: Manual Filing – for those who prefer the old-fashioned way, there are printed forms that you will need to complete. Once completed, you can either mail it ( where to mail ) or if your return is very simple, you can telefile it ( TELEFILE info ).  PROS:  No cost to you except for the stamp CONS:  Takes a lot...
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