In this video I’m going to give you a step-by-step guide on how to file taxes online in Canada. In this Canadian Tax Return, I’ll cover T4, T4E, T5, RRSP, Rent, Tuition, Donations, Medical and more. Side Hustle Income / Expense Tracking: https://bit.ly/3KLTjge

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I’ll show how CERB will impact your taxes in this step-by-step Canada Taxes Guide if you had collected the government aid

Filing taxes in Canada can be scary if you don’t know what you’re doing. You may feel anxious about making a mistake and having to deal with the Canada Revenue Agency (CRA). I’m going to change all that with this video. I’m going to show you that filing your own taxes in Canada can be quick and easy, maximize your tax refund, and not have to think about filings taxes in Canada for another year

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Due date for filing an income tax in Canada and paying any related tax balance due is April 30. Get everything you need to start the tax calculation process to support any credits, deductions, and expenses you want to claim to maximize your tax refund

If you were employed or had investment income, your employer or financial institution will send you statements referred to as ‘’slips’’. Examples:
• T3 Statement of Trust Income Allocation and Designations
• T4 Statement of Remuneration Paid
• T5 Statement of Investment Income

You received Canada Emergency Response Benefit (CERB), Canada Emergency Student Benefit (CESB), Canada Recovery Benefit (CRB), Canada Recovery Sickness Benefit (CRSB), or Canada Recovery Caregiving Benefit (CRCB) payments, these are considered taxable income

Step 1: Provide and update your personal information
To save time when you file your taxes in Canada, keep your personal information up to date with the CRA. Examples:
• your marital status
• the number of children in your care
• your banking information

Step 2: Report your income for tax calculation
Income is money you earn through employment, self-employment, and investments you have, or benefits you receive. On your Canada Tax Return, you must report income from all sources, both inside and outside Canada. Even if you were paid in cash, which includes money you earn as a side job or tips you have received

Step 3: Claim your deductions, tax credits and expenses when calculating taxes

Reduce the amount of Income Tax you pay by claiming your deductions, expenses and tax credits
How to files taxes in Canada, several ways:
• using software (electronically): If you selected a NETFILE certified software, it will show you how to send your return
• on paper: Mail your completed income tax package to your tax centre.
• by phone: If the CRA sent you an invitation letter for File my Return, follow the instructions in the letter

When to expect your tax refund, if you file online and choose direct deposit, 8 business days for tax refund

Many ways to pay a balance owed to the CRA. Avoid interest or penalties, pay any amount you owe no later than April 30. After this date, CRA will charge interest on what you owe until your balance is paid

Change your return?
If you forgot to include information or made a mistake on your tax return, wait until you get your notice of assessment from the CRA. Then, you can change your income tax reporting and file your taxes again

Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video Please, always do your own due diligence!

#TaxReturnCanada #CanadaTaxes #HowToFileTaxes