Filed Your Return? Here’s What You Need to Know

With taxes due on April 30th at midnight, many Canadians have already filed their taxes and are ready to make any payments for balances owing to the CRA for the 2018 tax year. Here is some information that you need to know if you have already filed your return.

Getting a Refund

If you overpaid your taxes, you will be entitled to a refund! If you are receiving a refund then you can expect it in 2 weeks when you file online and 8 weeks when you file through mail. If you are set up for direct deposit you can receive your refund faster. If you have overpaid your taxes and have not received your refund 31 days after the date you paid, you may be entitled to interest on your refund!

Notice of Assessment or Reassessment

Your notice of assessment indicates whether you have any balance owing, refund, or zero balance. The notice of assessment also indicate You can receive your notice of assessment after your file your return. If you are filing online, you can receive your Notice of Assessment online in two weeks. If you are filing your return by mail, you can expect your Notice of Assessment in eight weeks.

If you are receiving a Notice of Reassessment, do not panic. A Notice of Reassessment simply states that changes were made by the CRA to your return. You may also receive a notice of reassessment if you have made an adjustment to your return after filing. If you receive a Notice of Reassessment, you will have 90 days to file a Notice of Objection.

Request for Information

A request for information is when the CRA asks for information regarding something that has appeared on your return. This is not an audit, but a simple record check. Remember to keep records for returns for up to six years after filing the return so that you have the proof to provide for this request. You can submit receipts online through your My Account if you have electronic copies of your records.

Paying Your Taxes

When you have to pay a balance owing, you have several options as to how you can pay that amount. You can set up online payments to the CRA with any major financial institution. Here are the options you have to pay your balance owing.

    Paying in Person

    You can pay in person by visiting a Canada Post location and paying using a Quick-Response code. You can also hand in a copy of your return to your closest tax centre. Information about your closest Tax Centre can be found on the Canada Revenue Agency website.

    Cheque or Money Order

    These forms of payments can be made out to the Receiver General of Canada. The cheque should be mailed to the address on the back of your remittance voucher and sent with the remittance voucher alongside the cheque or money order. If you do not have a remittance voucher, you can find details on where to send your cheque from the Canada Revenue Agency website.

    Debit or Credit

    Individuals who are using a Debit Mastercard, VISA debit, or interac can use My Payment to pay their amount owing. My Payment is a service that allows you to directly pay amounts owing to the CRA directly to them using your bank access card.

    Pre-Authorized Debit

    Pre-authorized debit or PAD allows you to set up a payment amount and give the CRA permission to withdraw the amount from your bank account on a predetermined date. Be aware that to use this option, the payment date must be five business days from the day you create the agreement. Therefore, taxpayers attempting to use PAD will not be able to get their payment in on time unless the agreement was created before April 24th.

    Trouble Paying?

    If you are unable to pay your return in full, you can arrange to make payments to the CRA over time to pay your balance owing. In certain circumstances, you may also request relief from interest or penalties from the CRA. It is advised that you contact the CRA as soon as possible in order to inform them of your situation and avoid increasing the interest and penalties on your balance owing.

File On Time!

It is important to remember that payment through third parties is not immediate and therefore may require a certain number of business days for the CRA to receive the payment. Therefore, ensure that your payment will make it to the CRA before the deadline or you may be liable for a late filing penalty.

Haven’t filed your taxes yet? Visit one of our locations and have a professional file your return before April 30th. Our professionals will ensure that you claim all the necessary credits and deductions so you pay the least amount of tax. You can also download our TaxTron software to file your return online!

Tax season is back! Are you Ready?

The tax season is back and like every year in the past, Softron tax is ready to serve you and get you the biggest refunds.

So are you ready?

Each year taxpayers miss out on a lot of money that they could have received through their tax refund. This happens because taxpayers miss out on claiming important credits that they are eligible for. Today we discuss the credits that every taxpayer in Canada can claim irrespective of his/her marital status, number of dependents or age.

Following are the credits that every taxpayer maybe eligible for:

  • Public Transit passes: Every taxpayer can claim their public transit passes and receive additional tax refund. The only check in the case of public transit passes is that the taxpayer must have either monthly passes or three consecutive weekly passes or presto usage report. It is not possible to claim just a few tokens or randomly bought tickets.
  • Donations: Every taxpayer can claim the donations they make to eligible charitable organizations in Canada. All you need is a donation receipt. That’s not all. If you have missed claiming your donations in the past 5 years, you can claim them altogether in the present tax year and this will only increase your donation credit. So help yourself while you are trying to help others.
  • Political Contributions: 2015 was the election year and a lot of you will be surprised to know that you can claim the political contributions you made during the year. Political contributions can be either federal or provincial and this is important as contributions made to a provincial political party qualify for a refundable tax credit while the contributions made to a federal political party qualify for non-refundable tax credit.
  • Medical Expenses: If you have had any major medical expenses (dental, eye surgery, prescriptions) where you had to pay a lot out of your pocket, you can claim those medical expenses and reduce your tax payable. The medical expenses have to be more than 3% of your income.
  • Rent: While the rent has no impact on an individual’s taxes, rent can be claimed for availing Ontario’s Rent and Property Tax Grant which is part of Ontario’s Trillium Benefit. There can be cases where the taxpayer will not benefit from the rent because the income he made during the year is above the threshold limit but it is important that the rent is discussed with the tax preparer and it is ensured that maximum benefit is claimed.

The professionals at Softron Tax are very competent to get you all the tax credits that you are eligible for but more importantly, we at Softron have a work ethic and an attitude to use all our competence and ability to get the maximum benefit for our customers.

So visit your nearest Softron Tax location and get the tax credits you deserve!

T1 Condensed Forms

First introduced in 2011, CRA now requires paper returns to be filed using a new T1 Condensed form. This new form essentially distills the return down to line numbers and corresponding amounts. Instead of going through the hassle and expense of printing dozens of forms and schedules, you’ll be able to print up to only five pages for submitting to CRA. (more…)