Preparation tips for filing your 2019 Tax Return

Make sure you will receive your 2019 T4s from ALL employers

In order to file your 2019 tax return, you will need your T4 from all employers where you were employed during the tax year. It is important to make sure that your old and current employers have your current mailing address, as well as an email address so that you receive your T4 via email or mail. We have heard stories of small business employers (with an unorganized payroll) mailing T4s to old addresses, then refusing to reissue a replacement T4 due to ‘technical difficulties’.

File your tax return on time

It is important to file your tax return by the end of the April 30th deadline (June 15th if self-employed). By filing on time, it enables CRA to issue all available federal and provincial tax credits to you, filing late can result in missing out on certain provincial tax credits. If you are a newcomer to Canada, the sooner you file, the sooner CRA can calculate and issue any quarterly GST/HST credit cheques you may be entitled to receive.

Do not assume you are due a tax refund

In some cases, you may have a balance owing to CRA for a shortfall in tax deducted from your income during the year. This is particularly common when filing a tax return with multiple T4s for the tax year. If you have a balance owing, it is important to file your tax return on time to avoid any late filing fees. You will also be hit with interest penalties on the balance owing. Make sure you know whether you are due a tax refund or have a balance owing before the April 30th tax filing deadline, then you can plan accordingly.

Set up your online CRA account

Once you have filed a tax return with CRA, you become authorized to set up an online CRA account. It becomes a lot easier to track your tax return filings, correspondence and notices of assessment from CRA, as well as being able to manage your direct deposit details, and address information.

File a tax return even if you’re filing late

Even if you are filing your tax return late, you should try to file it as soon as possible. If you owe tax to CRA due to a shortfall in tax deducted from your pay cheques during the tax year, the quicker your return is filed the sooner you stop paying late filing fees on the balance owing. It is always beneficial to file your tax return as soon as you can. Procrastinating can lead to surprises when your tax return is finally filed, including late filing fees and interest penalties.

File your tax return with the correct address (This should be obvious)

If you are planning on moving address during the time that your tax return will be processed by CRA, you should enter your new address onto your tax return for filing with CRA. By entering the new address onto your tax return, it will automatically update your address with CRA, allowing all tax related correspondence to be sent there (rather than your old address).

If you’re stuck with your tax return, ask a professional for assistance

If you are feeling overwhelmed by your tax filing requirements, and keep pushing back filing your tax return, you can always turn to a professional for assistance. The jackstaxback team is always happy to take the weight off your shoulders and ensure that your return is filed correctly. If you are interested in a free consultation, please message us today. Tax doesn’t have to be taxing.