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Your Step-by-Step Guide for a Stress-Free Tax Season

Mark Virgil Lofranco • 12 November 2024

Even though over 30 million Canadians file income tax returns every year, it’s not something most of us are taught in school. Knowing where to start can be a challenge.



If you feel overwhelmed by all the slips, forms, and deadlines, this guide is here to help. We’ve gathered everything you need to know about filing your taxes—made simple.



1. Learn the Tax Lingo


Just like learning key phrases when visiting a new country makes it easier to get around, understanding basic tax terms can make the process smoother. Familiarize yourself with common terms like "taxable income" and "carry forward" to build a foundation for your tax journey.


2. Mark the Important Dates

Staying on top of tax deadlines is essential to avoid penalties and delays. The Canada Revenue Agency (CRA) has specific deadlines for different types of taxpayers, including employees, the self-employed, and business owners. Filing on time not only prevents interest charges but also ensures you receive your refund faster.


3. Know What’s New for 2023

The government has introduced several changes this year, including increased contribution limits and new credits to help with the rising cost of living. To make sure you claim everything you’re eligible for, explore these helpful articles:


  • 9 Biggest Tax Changes Canadians Need to Know in 2023
  • 20 Popular Canadian Tax Deductions and Credits in 2023
  • EI and Taxes: What Canadians Need to Know


4. Benefits of Filing Your Taxes Online

Filing online can save you time and headaches. By creating a CRA My Account and filing electronically through NETFILE, you can reduce processing time from 10–12 weeks to as few as 8 business days. That means you’ll get your refund faster and avoid interruptions to benefits or credit payments.

While filing taxes may seem like just another item on your to-do list, doing it right and on time is worth it. You’ll avoid penalties and interest, and you’ll get your refund faster, setting you up for a successful tax season.


Key Takeaways

  • The CRA has strict deadlines for submitting tax returns and payments, so filing on time helps you avoid penalties and interest.
  • The government has introduced new credits and deductions in response to the pandemic and rising cost of living—make sure to check which ones you’re eligible for.
  • Filing taxes online via NETFILE can speed up your refund by several weeks.

Understanding the USA/Canada Tax Treaty

by Mark Virgil Lofranco • 9 December 2024
Are you a U.S. citizen living and working in Canada? Maybe you're a dual resident unsure of which tax rules to follow, or perhaps you cross the border daily to work for a Canadian company. Understanding the U.S./Canada Tax Treaty is essential for anyone earning cross-border income.  Filing taxes in just one country can be complex, and the U.S. tax system is one of the most complicated in the world. Figuring out taxes for both Canada and the U.S. can be challenging, but don’t worry, we’ve got answers. Here’s how your taxes work under the U.S./Canada tax agreement if you’re living or working in Canada and earning income.

9 Commonly Overlooked Tax Deductions for Startup Owners

by Mark Virgil Lofranco • 9 December 2024
Starting your own business is an exciting and rewarding journey, but with all the enthusiasm, some important financial details—like tax deductions—can be overlooked. As a new business owner, reducing your tax burden is crucial to maximizing profits, yet many Canadian small-business owners miss out on valuable tax deductions, paying up to 42% in taxes.  While you're likely familiar with common deductions like office supplies, meals, and wages, there are many lesser-known tax breaks that could save you money. Let’s dive into nine commonly missed tax deductions that could benefit your startup.

Methods to withdraw RESP

by Mark Virgil Lofranco • 9 December 2024
Navigating the financial landscape of your child’s education expenses, especially with rising inflation, can be challenging. Whether you're already contributing to a Registered Education Savings Plan (RESP) or considering opening one to fund your child’s post-secondary education, it’s essential to understand the rules and benefits associated with RESP withdrawals.  Here’s a comprehensive guide to help you make the most of your RESP in Canada.

Essential Tax Credits and Grants Every Small-Business Owner Should Be Aware Of

by Mark Virgil Lofranco • 9 December 2024
Did you know that public funding could help kickstart your business? While many entrepreneurs are familiar with startup loans, fewer know about the wealth of public funding options available—specifically, tax credits and grants. These financial resources can be game changers for launching and growing your business.  This article will guide you through various tax credits, grants, and other public funding options that can support your small business.

How to Handle Toronto's Inherent Property Tax Increase: Tax Advice for First-Time Buyers

by Mark Virgil Lofranco • 9 December 2024
Buying your first home in Canada is an exciting milestone. However, potential and current homeowners in Toronto should be aware of a major change on the horizon: a proposed 10.5% increase in residential property taxes, the largest since 1998. This hike, driven by a nearly $1.8B budget shortfall, includes a 1.5% increase dedicated to city-building projects, such as transit and housing. Homeowners could face an extra $26.75 per month, or $321 annually, in property taxes. City officials have also warned that without federal funding, property taxes could rise even further, up to 16.5%.

A CRA Business Number (BN): What Is It and Who Needs One?

by Mark Virgil Lofranco • 9 December 2024
Congratulations! Whether you’ve just become self-employed or started a side gig to earn extra income, you're on an exciting journey. Amid all the hustle, you might have come across something called a Business Number (BN). But what exactly is it, and do you need one? Let’s dive in and explore everything you need to know about registering for a BN as a self-employed person or small business owner.

2023 Canada Tax Checklist: Essential Documents You Need to File Your Taxes

by Mark Virgil Lofranco • 9 December 2024
Picture this: tax season is approaching, and you’re frantically trying to gather the documents you need, worried you might miss something important. Sound familiar? That’s why having a tax checklist is essential. It helps you stay organized and ensures you have everything you need to file smoothly.  In this article, we’ll cover all the documents you need to have handy when filing your taxes!

2024 Tax Deadline: When Is the Last Day to File Your Taxes?

by Mark Virgil Lofranco • 9 December 2024
As a taxpayer, one of the most critical aspects to stay on top of is the deadline for filing your taxes. The Canada Revenue Agency (CRA) enforces strict due dates for both returns and payments. Filing on time not only helps you avoid interest and penalties but also ensures you get your refund faster. We’ve compiled all the key tax dates you need to know for a stress-free tax season.

NETFILE Opening in Canada: When You Can Start Filing Your Taxes

by Mark Virgil Lofranco • 9 December 2024
The way we file taxes has evolved dramatically over the past two decades, making it faster and more efficient to submit your returns. With tools like NETFILE, the Canada Revenue Agency (CRA) offers taxpayers a quick and secure method to file returns online. This article explains when to file your taxes, key deadlines, how NETFILE works, and why it’s a great option for fast-tracking your tax return.

Missed the Tax Deadline? Here’s Why It’s Not Too Late to File

by Mark Virgil Lofranco • 9 December 2024
If you missed the tax filing deadline and are feeling anxious, take a deep breath—it’s more common than you think, and it’s not too late to take action!  You can still file your tax return even after the deadline, and this article will walk you through the process to help you file confidently and minimize any potential penalties.
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