6 Simple CRA Tax Resources That Will Help You Save Time & Money This Year
April 30 is just around the corner!💰🗓
Tax time is approaching and to help you figure out your tax situation, the Canada Revenue Agency (CRA) has a whole load of helpful tips and resources to make your April 30 a little bit easier.
Depending on your familiarity with the world of taxes, there can be a whole lot of confusing ins and outs to try to get your head around. Luckily, these guides and resources put together by the CRA can support you when it comes to filing.
And, even better, they could hopefully save you some time and money this tax season.
Free tax clinics
If you have a modest income or simple tax situation, the CRA has put together free tax clinics to help you file your taxes.
Organizations and communities across Canada are holding these volunteer-run events, which you can attend in person, over the phone or even virtually. Some even offer drop-off services to get your taxes filed for you.
Free tax courses
Don't know the first thing about taxes? Well, there's just the resource for you! The CRA has an online class that goes step-by-step through the tax filing process, from how to get a SIN number to how to navigate the CRA's online system.
Each lesson ranges from around 15 to 70 minutes long and should provide all the details needed for a tax novice. It's also a good refresher for anyone who wants to file their taxes themselves.
Online filing
In recent years the CRA has put more focus on the ability for Canadians to file taxes online. So, they've put together a handy guide on how to set up your online filing profile, as well as a rundown of what tax software is certified to use in Canada.
If you're making the switch to paperless, they hopefully can answer all of your questions right here.
Resources for crypto investors
Cryptocurrency — online and fully digital currencies such as Bitcoin — is something that more and more folks are getting into as we live more and more online. And, some crypto transactions carry with them certain tax implications.
So, if you've done some deals in the online world, the CRA has put together some resources and information you should be aware of ahead of this tax season.
Benefits and credits tool
Like any other year, there are always new credits and benefits popping up and the CRA has provided a comprehensive of new credits and benefits that you might be eligible for.
Take a look at the rundown of what's new and the ways for you to save some cash this tax season, because there's hopefully a chance you'll qualify for at least one of them.
COVID-19 benefits support
Over the last year, COVID-19 benefits have been a huge part of many Canadians' finances and with them comes unique tax situations that you might need to navigate. And so, the CRA has put together a guide on how to claim any COVID-19 benefits you may have received on your taxes, as well as outlining what to do if you need to repay.
Whether you received CRB, the CWB or any other COVID-19 benefit from the government, it's best to familiarize yourself with what you might need to do, as well as the forms you might need to be aware of this tax season.
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