What Is Required to Submit a Tax Return? 

The tax filing process might go more smoothly if you have all of your paperwork organized before filing. The documents you might need to file your taxes in Canada are listed below. 

Social Insurance Number (SIN)

You will be required to submit additional personal information, such as your social insurance number, along with your name and birthdate. To access government programs and benefits, you must enter your SIN, which is a nine-digit number. Individual tax numbers (ITNs) and temporary tax numbers (TTNs) are not the same as your SIN. 

Income slips

Your employer will provide you with a T4 slip if you work in Canada at any point during the tax year. This slip lists all of your earnings and deductions for the year, including income tax withheld, CPP, and EI. You might get a T5 slip or a T3 slip if you have investment income. Make sure to get professional help to file a same day tax refund online at the right time and the right way. 

Details of your dependents

You must include information about your dependents on your tax return if you have any, such as a spouse, kids, or aging parents. You must first determine whether your dependents qualify for any tax credits that you could be eligible for. 

Foreign income

You must declare all foreign income in addition to income received within Canada. Make sure you have the information on hand if you earned money outside of Canada. 

Business receipts

In order to properly report your income and make deductions, self-employed individuals must maintain business receipts and invoices. Additionally, it is critical to preserve these receipts in case the CRA has any further inquiries. 

Childcare receipts

If you are eligible to deduct child-care costs from your taxes, keep your daycare or other childcare receipts close to hand and for your records. More information regarding the deduction for childcare expenses can be found online. 

You have until April 30 of the following year to file your tax return for any tax year, unless you are self-employed. Returns shall be deemed filed on time if they are received by the CRA or stamped on the first business day after April 30 if April 30 falls on a Saturday, Sunday, or holiday that year.

Paul Petersen