Voluntary Disclosure – Telling the Taxman Before It’s Too Late!

As we get close to the holiday season, things always seem to get more hectic. Of course, most of us find life pretty hectic already. Juggling a job, spouse, kids, medical issues, money, etc. can be very stressful. And in all of that it’s easy to forget things from time to time. Then there are the times when we remember things just fine, but are unsure how to proceed because we’re not sure what to do.

So it’s easy to forget a source of income or leave it off because we’re not sure if we are supposed to claim it or not. Does that money you got from your late Uncle George count as income, anyway? (more…)

What’s Coming Up…

As we continue our income tax preparation services to help file returns for taxpayers and companies alike, (no off-season for us here…) we just wanted to take a moment to give you some info on upcoming changes from CRA, fresh from their Software Conference.

Extended Filing Window

At the same time, CRA extended the filing window to the end of November from September. Well next year starting in February, our Softron tax professionals will be able to electronically file your returns year-round, and CRA has said the average taxpayer will be able to do the same through NETFILE starting in 2014!

New Tax Filers

Traditionally, young people born in Canada filing their first return has to send their returns by paper, and CRA changed that last year with the ability to electronically file their first return.

That was great for the students out there, but newcomers to Canada were still forced to send their returns the old fashioned way, with the processing delay that entailed and everything.

Well now as of 2013, immigrants to Canada will be able to electronically file their returns as well. Tax professionals will also be able to EFILE an immigrant’s T1013 form along with their T1013 form.

With the additional initiatives of E-Payments, E-Delivery, and E-Documents, you’ll soon be able to pay directly online. CRA will be able to send you documents through a secure portal online, and you’ll be able to send them info the same way, for example when they’re looking for additional information from you like medical receipts, etc. CRA wants to have everything handled securely and electronically, making it faster for everyone. These changes are just a few steps in that direction.

There’s even more to tell, but that’s for another time.