So here is some Tax Facts that you need to know to help you file your Income Tax Return:
- The due date for income tax returns filed with the Canada Revenue Agency is April 30.
- Tax returns can be filed in person or online using NetFile (for use by individuals) or eFile (for use by professional tax preparers).
- Filing on time is very important as penalties will be applied to any taxes you owe.
- If you or your spouse is filling self-employed income, you have until June 15 to file your return: but you still have to pay any taxes due by April 30 or interest will be charged.
- If you are an employee, you will receive a T4 slip from your employer by the end of February at the latest.
- Most banks will also have sent you your T5 slips by then, which report all interest earnings you may have made on your investment and bank accounts. If you did not receive more than- $50 in interest income, you may not receive a T5 slip so don’t get worried if that is the case.
- T3 slips do not have to be sent to you until March 31 and thus are usually the last to arrive. These slips record the amount of income you have received from mutual funds and other trust accounts.
- Receipts for donations made in 2008 can be claimed on your 2008 return if you have an official receipt.
- Canadian sax laws and exemptions are constantly changing. So, ask your tax advisor for help on new deductions and rues.
Hope that's helpful :) and good luck.