Understanding your Canadian personal taxes
The tax system is very complex and most people only have a very basic understanding of it. The Canada Revenue Agency (“CRA”), is aware of this fact and is making an effort to provide more information to taxpayers.
Take advantage of CRA’s resources
- Learn about your taxes via an interactive web module
- Watch CRA’s Video library
- Check and ensure you are claiming all the benefits you are entitled to.
- Have you experienced any major life events, then you may have some tax considerations.
We recommend registering for your “My account for individuals” with CRA.
My account is an excellent resource to determine your current:
- RRSP balance
- TFSA balance
- Balances owing to CRA
- Make changes to a return
- And many other important functions
- We also recommend using the business version of the CRA portal
Do you know what CRA considers as a valid medical expense?
CRA has provided a detailed listing of valid medical expenses
Do you know that CRA provides a listing of free personal tax software?
Completing your personal tax return correctly is not an easy task as it requires a functional understanding of all the required inputs. Professional tax software aids in the process of completing the return. However, not everyone requires professional service to complete their returns.
- Take advantage of some of the free software offered to complete your tax filings.
Want to understand more about your Canadian business taxes