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A Quick Guide To Completing Your Tax Return

By Nest Wealth on 07/03/2019Article 3 Minute Read

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Warmer weather may not be here just yet, but the 2019 tax season is just around the corner! We’ve put together a quick guide to help you get the important dates and filing methods at glance for your journey through taxes this year.

Every year around this time, millions of Canadians are beginning to dread filing their tax returns. We are all collectively thinking the same things. How much did I really earn this year? Do I owe money to the government, or will I get the beautiful surprise of a tax refund?  How can I make the tax filing process less painful next year?

As we prepare for the tax deadline, here’s all you need to know about the 2019 tax season.

The Deadlines

This year, the date most individual Canadians should keep circled on their calendars is April 30, 2019. This is the deadline for filing personal income tax forms.

Canadians who are self-employed have until June 15, 2019 to complete their tax returns. Since June 15 falls on a Saturday, returns should be received by the Canada Revenue Agency (CRA) or postmarked, no later than June 17 to be considered “on time”. However, even though you’ve got a little more time to file your tax paperwork, if you happen to have a balance owing on your taxes, it will still need to be paid by April 30, 2019 to avoid incurring interest and potential penalties.

Filing Your Taxes

The CRA began accepting 2019 tax filings electronically on February 18. Filing your taxes early could help you get your refund quicker, or will give you added time to submit any taxes owing before the April 30 deadline.

At the very least, filing before the deadline makes sure that any tax benefits and credit payments (e.g. Canada Child Benefit, GST/HST Credits) are not delayed or stopped.

How To File

Many Canadians either use DIY software or go to a tax professional to file their income taxes. Whether you go it alone or get help, most Canadians can file taxes online by using certified desktop, online and mobile software products as listed on the Government of Canada website.

For those that like to go “old-school”, you can also submit your tax return by mail. You’ll be required to print the 2018 income tax and benefit package online or order a copy from the CRA. Once you’ve filled in all the forms, just package them up and take them to the post office.

And in rarer cases,  you may qualify to file by phone.  In this situation, you will receive a personal invite to complete your taxes using the automated phone service called “File my Return”.

News and Updates

This year, the government introduced a few changes that could benefit you this tax season. New this year is the Climate Action Incentive deduction, which is available to eligible residents of Saskatchewan, Manitoba, Ontario, and New Brunswick.

For more information about this year’s tax season, visit the Government of Canada website. If you have tax questions specific to your personal circumstances, as always, we recommend you speak to a qualified tax professional.