6 simple tax resources from the CRA that will help you save time and money this year
Tax time is approaching and to help you understand your tax situation, the Canada Revenue Agency (CRA) has a whole host of helpful tips and resources to make your April 30th a little easier.
Depending on your familiarity with the world of taxes, there can be a lot of confusing ins and outs to try to figure out. Fortunately, these guides and resources developed by the CRA can help you file your return.
And, even better, they could hopefully save you time and money this tax season.
Free tax clinics
If you have a modest income or a simple tax situation, the CRA has set up free tax clinics to help you file your tax return.
Organizations and communities across Canada host these volunteer-run events, which you can attend in person, over the phone, or even virtually. Some even offer filing services to get your tax returns for you.
Free tax lessons
Don’t know the first thing about taxes? Well, there is just the resource for you! The CRA offers an online course that takes you through the tax filing process step-by-step, from how to get a social insurance number to navigating the CRA’s online system.
Each lesson is approximately 15-70 minutes long and should provide all the details needed by a tax novice. It’s also a good reminder for anyone who wants to file their own taxes.
In recent years, the CRA has placed more emphasis on enabling Canadians to file their taxes online. So they’ve put together a handy guide on how to set up your online filing profile, as well as an overview of tax software certified for use in Canada.
If you go paperless, they can hopefully answer all your questions here.
Resources for crypto investors
Cryptocurrency – online, all-digital currencies such as Bitcoin – is something more and more people are getting into as we increasingly live online. And some crypto transactions have certain tax implications.
So if you’ve done business in the online world, the CRA has put together some resources and information you should know ahead of this tax season.
Benefits and credits tool
Like any other year, there are always new credits and benefits emerging and the CRA has provided a comprehensive list of new credits and benefits for which you may be eligible.
Take a look at the recap of what’s new and ways you can save money this tax season, because there’s hopefully a chance you’ll qualify for at least one of these. between them.
Support for COVID-19 Benefits
Over the past year, COVID-19 benefits have been a significant part of many Canadians’ finances and, with them, unique tax situations you may need to navigate. So the CRA has put together a guide on how to claim any COVID-19 related benefits you may have received on your taxes, as well as what to do if you need to repay.
Whether you have received CRB, CWB or any other COVID-19 benefit from the government, it is best to familiarize yourself with what you may need to do, as well as any forms you may need to be aware of. this tax season.
The cover image of this article was used for illustrative purposes only.