Why you should file your taxes online

December 23, 2014

Nobody loves doing taxes, but fortunately being able to file them online takes away some of the sting – and shows you which benefits you may be eligible to claim. Here's more about why it's a good idea.

Why you should file your taxes online

In the past, people would have to go through the tedious process of manually filling out hours worth of paperwork to submit their tax return if they wanted to do it themselves. Now, the Canadian government accepts online submissions of tax forms. So what are the benefits?

Doing your taxes yourself

With online services, doing your taxes from the comfort of your home has never been easier or more efficient.

  • Many individuals submitting their tax return can now do it themselves, rather than hiring an accountant to file it for them.
  • Accountants can sometimes be expensive and take a lot longer.
  • If you want to maximize the speed of your return, online might be the way to go.

Getting started

Before you get started, you’ll want to have all of your paperwork ready so that you don’t have to waste time digging around for documents as you file online.

  • Being organized is key.
  • The main things you will need are your T4 and T5 slips, as well as any receipts you will be deducting and if you have it, a copy of last year’s statement for reference.

Online tax filing software

Most online tax filing software is easy to use, and it will walk you through the steps involved.

  • There are several services to choose from, and everyone has their own preference.
  • If you’ve never filed online before, ask a friend which program he or she uses.
  • Over 75 per cent of all tax filings in Canada are submitted online, so there’s good chance that most of the people you know have done it before.

Tax credits

One of the biggest advantages to filing online is that you can easily see what types of tax credits you might be eligible for.

  • Tax credits are offered by the Canadian government to help people in many different ways.
  • In the past, it would take a lot of research to find out which ones could be available to you.
  • As you go through the online process, you will be able to take full advantage of these credits and potentially receive the highest possible return.

Tax deductions

Do you own or work for a company that would enable you to deduct certain expenses from your income?

  • This could save you even more money when filing online.
  • Things like travel expenses, gas, public transportation and business lunches are common expenses that some people are able to deduct from their income tax.
  • If this is the case for you, you should always keep your receipts. You may not need to submit them online, but in the case of an audit, you will need to have them available.
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