Stop the Stress! Being Prepared is the Key to Tax Filing Success

Has it been a year already? Last year at this time we talked about what employees should do with their tax return and how to prevent owing money to CRA in the future. This year, we’re focusing on preparing tax documents in advance of the deadline, here’s a handy checklist to provide to your employees. We’re also discussing the reasons why your employees should file their taxes early. 

Why file early?

Ensuring that tax filing is prepared and ready to file as early as possible means two important things:

  1. You’re more likely to get a refund quickly—if you have direct deposit set up with CRA, you can receive your return even faster.
  2. You avoid the stress of preparing and filing at the last minute. 

Preparing taxes

NETFILE, a system that allows you to file taxes with CRA online, starts accepting tax filings as of February 20, 2017.

Share this handy checklist with your team to ensure they get every tax credit and deduction they’re entitled to.

The deadline for filing your taxes is April 30, 2017.

Making the most of your refund

Remember, the earlier employees file their taxes, the sooner they receive their refund, which allows more time for them to invest money (in an RRSP for example) and to make it grow.

Don’t forget!

The deadline for making RRSP contributions is March 1, 2017—there is still time to reduce taxes payable for 2016.