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Fear of Tax Filing

TAKING THE FEAR OUT OF TAX FILING BY ANSWERING THE QUESTIONS YOU WERE TOO AFRAID TO ASK TAX REASONS TO FILE YOUR TAXES • BENEFITS LIKE THE WORKING INCOM7 TAX BENEFIT • THE GST/HST CREDIT • MONTHLY CANADA CHILD TAX BENEFIT MONEY • NON-CAPITAL LOSS CLAIMS CARRYING BACK TO PRIOR YEARS YOU COULD • MONEY OWING TO YOU FROM TAXES WITHHELD ON PAY CHEQUES • UNUSED TUITION, EDUCATION AND TEXTBOOK AMOUNTS TO USE • AUTOMATIC RE-ENROLMENT IN THE GUARANTEED INCOME SUPPLEMENT (GIS) FOR SENIORS • ROOM FOR YOUR FUTURE RRSPS & TAX-FREE SAVINGS ACCOUNT TO SHELTER YOUR INCOME FROM FUTURE TAXATION HOW CAN YOU GET YOUR REFUND FASTER? AVERAGE PROCESSING HOW YOU FILE TIME IS... File online & on-time Faster than a road trip from BC to Newfoundland - that's 11 days, 2 hrs.& 50 min. of travel time. DAYS Shorter than the six weeks left of winter if Wiarton Willie sees his shadow on Groundhog Day. It is said that a "33% accuracy can occur by chance." 4 File paper returns on-time WEEKS File late WEEKS 42 non-stop trips to Florida from Toronto NETFILE IS THE FASTEST WAY TO GET YOUR RETURN! Sign-up for Direct Deposit and get your income tax refund deposited directly in your bank along with your GST/HST credit, Canada Child Tax Benefit (CCTB), Universal Child Care Benefits (UCCB) and Solidarity Tax Credit (if you're a Quebec resident). IYOUR TAX RETURN IS DUE APRIL 30 OF EACH YEAR, IF YOU OWE. WHY IS NETFILE THE BETTER WAY TO FILE TAXES? THE CRA RECOMMENDS FILING YOUR TAX RETURN THROUGH NETFILE, THEIR ELECTRONIC TAX-FILING OPTION, FOR THESE REASONS: Accessible: You can NETFILE from mid-February to November 30. Correct: Convenient: Most of the tax software you use with NETFILE can help avoid errors. You can print your return at home and you do not have to send in receipts. Fast: You get your return in about eight days. It's the Future: Accurate: Recommended tax software to use with NETFILE often automatically calculates your benefits. The CRA will be discontinuing its Telefileservice, so fast filing will only be available through NETFILE. HOW EASY IS NETFILE T0 USE? - GET YOUR ACCESS CODE 1. • IT'S A FOUR-DIGIT CODE THAT WILL BE PRINTED ON YOUR T1 PERSONAL INCOME TAX RETURN PACKAGE FROM THE CRA • APPLY FOR THE CODE BY CONTACTING THE CRA ONLINE OR CALL THEIR HELPDESK. • GATHER ALL YOUR PAPERWORK • MAKE SURE YOU ARE ELIGIBLE TO FILE THROUGH NET 2. PREPARE TO FILE BY READING THE RESTRICTIONS ONLINE FILE. • CHANGE ADDRESS OR BANKING INFORMATION BEFORE FILE. 3.Us USE YOUR CRA-RECOMMENDED • SAVE YOUR RETURN FILE FOR NETFILE (OR .TAX). TAX RETURN SOFTWARE TO PREPARE YOUR TAXES. • FROM THE CRA WEBSITE (www.NETFILE.GC.CA) FILE 4. FILE YOUR ONLINE BY ENTERING YOUR INFORMATION IN FOUR RETURN. STEPS. • CONFIRM YOUR FILING AND PRINT THE PAGE WITH YOUR CONFIRMATION NUMBER FOR YOUR RECORDS. WHY SHOULD I FEEL CONFIDENT FILING MY TAXES ONLINE? The CRA ensures all your personal and financial information is transmitted using encryption so no third-parties can view or access your data. They do this by using sophisticated security techniques with procedures that protect data at all times. TAX THE FUTURE OF FILING TAXES IS ONLINE MORE CANADIANS ARE NETFILING In 2012, 16.8 million Canadians filed their returns electronically, up by over 600,000 from 2011, and got their refunds faster. That is more than all the cattle in Canada (15 million). Only 8.6 million Canadians paper filed, down from 8.8 million paper filings the previous year. TAX-FILING SEASON STATISTICS AS OF JUNE 14, 2012 5,500,000 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 NETFILE TELEFILE EFILE PAPER CHANGE +5.7% -12.3% +3.7% -2.3% TOTAL RECEIVED 2012 25,461,311 25,015,669 2011 CHANGE +1.8% BONUS! TAX SOFTWARE IS FREE TO USE FOR PEOPLE WITH LOW OR NO INCOME. intuit. *TurboTax HAVE: 25,461,311 25,015,669 5,080,582 5,372,402 11,150,546 10,748,804 8,625,552 8,829,596

Fear of Tax Filing

shared by mohitlakhmani on Nov 11
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In this infographic is about for taking out fear from people mind for paying taxes and explained about what are the reasons to file your taxes. How can you get your refund faster and about online fill...

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MGLmedia

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Lifestyle
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