Filing Taxes

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Avoid These 5 Mistakes Students Make During Tax Time

There is a belief that if you don't earn money or get a refund then it is not worth filing a tax return. This is wrong. If you are planning to get a career, you are going to pay income tax so all of those tuition and education credits will come in handy later. Even if you don't plan on paying income tax in the near future, there are federal and provincial benefits that come as of a result of your tax filing.
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Tax Returns: Giving the Tax Man the Slip

So you filed your income tax return with the Canada Revenue Agency (CRA) well in advance of the April 30 deadline. Everything went without a hitch and you have a refund cheque in your hands, or directly deposited in your bank account. Free and clear until next year, right? Not quite. In fact, the tax return process has just begun at this point. It's not over until the CRA has finished its slip-matching program during the next few months.

Why Tax Refunds Aren't a Good Thing

It is nice to receive a cheque from the government but a tax refund is not good, because you are only receiving your own money back. Your tax refund is money you have overpaid the government during the year. You want to pay the right amount of tax during the year, rather than give the government an interest-free loan.

Do I Really Need to File a Tax Return?

Filing your tax return may seem like an unnecessary task if you earned little to no income during the year. Or if you are expecting a refund, your attitude may be that there is no rush to file by the April 30 tax deadline. However, there are some very good reasons to file your tax return on time every year.

How Life Milestones Affect Your Tax Return

It is amazing how much your life can change in the span of a year. Perhaps you graduated and are now working full-time after moving to a new place. Or you bought your first home. All these events are exciting but they can also make tax time a little more complicated. Understanding how they affect your taxes is the key to maximizing your savings.
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Why All Doctors Should Prescribe Tax Returns

The link between health and income is solid and consistent -- almost every major health condition has worse outcomes among people who live at lower income. I will continue to advise my patients to exercise more and eat healthier food, but this tax season I will also spend time prescribing tax returns.

File Your Taxes -- Electronically

It is not exactly a date marked on every calendar, but February 11 is the official start of tax season. It is the day the Canada Revenue Agency opens its electronic filing system for 2012 returns. There have been some changes to NETFILE this year to make life a little easier. Here's what they are.