Basic Taxing Info: Payments, Refunds, Receipts and More

Filing your income tax and benefit return should be done punctually and accurately. There are also a number of follow up issues you need to deal with to ensure that you leave no loose ends. We’re going to show you some of the things you need to focus on as it relates to the following…

If you owe the CRA some money for the tax year, you can make a payment in various ways:

You can use the pre-authorized debt online service they offer.

You can use the CRA’s “My Payment” service.

You can use an internet banking service or a financial institution’s telephone.

You should expect a refund from the CRA, if you do the following:

If you paid too much tax through the year.

If you paid more instalments than are needed.

If you claimed more refundable credits than the amount of taxes you owe in total.

If you need to make a change to your tax return, then you will need to wait for the CRA to send you a notice of assessment. It will be much easier for you to fix your errors if after you file your return, you realize that you made a mistake.

If you need to correct your tax affairs, then the CRA will allow you, under the Voluntary Disclosures Program, to come forward and correct or complete the information you submitted. It also allows you to disclose information that you didn’t report in other dealings you had with the CRA.

You also need to keep your receipts, records (and other supporting documents) for at least six years, so that if you ever need to use them again or present them to the CRA, they will be readily available to you.

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