The tax season for 2017 income tax and benefit returns is here and will soon come to a close. The tax-filing deadline for most Canadians is April 30, 2018, and for those with some form of self-employment income, CRA gives an extension up until June 15, 2018. The government does not play around with taxes and if you are owing following the deadline date, penalties are levied in the form of a late-filing penalty and compounding interest.
Filing your taxes has never been easier. There are now so many options for doing your taxes on your own without much of a hassle, and each year, it appears that the Canada Revenue Agency (CRA) take it upon themselves to further simplify the tax-filing process. In addition to the traditional paper return via the mail, you can file your return using online tax software, the CRA’s automated file my return service, and community volunteer tax clinics.
Online tax software come with many advantages, including:
- The ease of completing your return while receiving prompts and guidance on what to do
- An ability to transfer some of your tax information automatically using CRA’s auto-fill my return service
- Instant transmission of your completed return to CRA
- Instant receipt of your Notice of Assessment after submitting your return (Express NOA)
- Guarantees from most tax software that you will be getting your best refund possible and that your return will be void of errors
- An opportunity to ask questions and receive support if you run into any problems
For the average Canadian and their tax situation, there are a number of free tax programs available to help you figure out what you need to do to successfully send in your return. This infographic, from the resource section of Loan and Go, is a great guide if you are looking at comparing some of the major FREE tax software out there.