Rev Up your Tax Refund

Rev Up your Tax Refund

Filing your income tax return is an important part of strategic financial management. Make this yearly chore work to your advantage with good planning.

The personal income tax deadline is April 30th. If you’re self employed, it’s June 15th; but your tax bill must be paid by April 30th (to avoid penalties).

Rev up the refund
To complete your tax return, you can get a paper package from the local post office. Or file electronically through the Canada Revenue Agency’s NETFILE service, using approved software.

Choosing e-filing, in combination with the direct deposit option, speeds up the process. It reduces the time to get a refund from 8 weeks for a mailed return to about two weeks. Set up the My Account service to view your income tax and benefit information, manage your tax affairs online, and review your Notice of Assessment ( this will have the access code you will need ̶ a new requirement for filing your 2020 return online).

Electronic filing can enhance the accuracy of your return. You will also receive immediate confirmation that it was received. You won’t have to send in your receipts, but you must have them available upon request. Be sure to keep 6 years of documents on file.