CRA will be ready for e-filing this year on February 19/24 at 8:30 in the morning.
Some would love to file as early as they can, generally because they feel they are getting a refund. Keep in mind, refunds are created by overpaying the tax requirements, and not because your income is low. CRA has different benefits that have an impact on Canadians that have a lower income, and in order to determine those benefits, you must file a tax return. When you file late, and have a tax balance, then CRA will charge you a late filing penalty. So, just file before the deadline, whether you have a refund or not.
When you have a tax balance owing, CRA will charge interest, and it is calculated on a daily basis. For example, if the interest rate was 6%, then in 1 day, you would owe them 1/365 of 6% of the balance owed.
Learn about what a “portal” is, and you can be provided your tax return electronically, and in a pdf format. This is great to eliminate a large pile of paper over a period of time. In seven years, you just might have a foot of paper just taking up space. It’s much easier to retrieve the file if it is sitting in your computer.
Don’t be afraid to learn about digitally signing a document. It’s not difficult at all, and saves you the time it takes to drive in your car to the office that has papers for you to sign.
Let us know if you have any questions regarding your tax and accounting issues, and we would love to help.
Regards,
Your Hollingsworth and Associates Team
Hollingsworth & Associates 