In this day and age that is exploding with technology, a vast amount of information is available at your fingertips. You can do it all on the Internet, whether you want to order groceries to be delivered to your doorstep, find your next vehicle, or connect with your soulmate. Add filing your taxes to the list. In the past, you needed to fill out paperwork that went on for miles, pop it in the mail, and sit on the edge of your seat to wait for results. Your other option was to work with an accountant or tax preparation service. Thanks to the wonders of the Internet, you can file your taxes online in three simple steps.
1. Begin by Entering Your Personal Information
When you file taxes online Canada, you will be working with a company with everything you need at one site. The software is user-friendly, guiding you through a series of questions you will need to fill out. This is the point where you establish your identity by entering your social insurance number. You’ll also enter information about your spouse if you are married and if you have any dependents.
Before you get started, be sure to have a list of important information, such as any documented expenses for the past year. You’ll also need your income which can be found on your T4 slips. If you made any investments, you would need your T5 slips. The software program will save all data that is collected. If, for some reason, you need to take a break, don’t stress. It will still be there when you come back.
2. Include Applicable Information from the Canada Revenue Agency
Make sure you have your tax packet on hand that the Canada Revenue Agency provides. This document provides you with an access code that you can use when you file online. If you didn’t receive a packet for some reason, you could access an income form online. You should also have data from your Registered Retirement Savings Plan.
Don’t forget to gather any receipts that can be used for deductions. As you go through the online tax preparation process, you’ll be asked to enter all the information you have. You also have the option of requesting that any data already gathered by the Canada Revenue Agency is automatically entered for you through an auto-fill feature.
Once all necessary information has been received, the software program will determine your credits and deductions. You don’t have to worry about figuring out the tax laws in Canada. The software provider has already done the work for you. Using an online software program can help you improve your return, catching credits many taxpayers miss on their own. You’ll also find that filing your taxes the next year will be even more accessible.
All of your information is placed in digital storage to be accessed the following year.
3. Check Your Information Before You Hit Submit
Once you have completed a series of prompts, you will be asked to review your information. Take your time as you double-check each portion of your return. A mistake could hold up the process. If you have any questions, tax experts are ready for you. Pick up the phone or connect with a representative in a live chat.
If you need to gather more information for any reason, everything will be waiting for you until you resume your session. You’ll know the amount of your refund when you are done. If you are satisfied that everything is correct, hit submit. In less than two weeks, your refund should be in your bank account.
Filing your taxes online taxes the stress out of tax return time. Once you’ve gone through the process, you’ll want to use online software every year. You will love the convenience of being able to do your taxes at any time, anywhere.
Use a laptop, your desktop computer, or a mobile device. Plug everything in on your lunch break, while you’re traveling on the train, or at your leisure when you are at home. Using software provided by a professional company leaves less room for errors. Start making plans for what you’ll do with your refund without any hassles.