Frequently Asked Questions

 

When can we start filing personal taxes?

Tax return portals typically open last week of February

When is the tax return deadline?

Personal T1 tax returns are due by April 30, or June 15 if you are self-employed.  

Do I have to file a tax return even if my income was zero?

No, you do not have to file a personal tax return if your income was zero. However, it is highly recommended that you file a tax return in order receive (or continue receiving) benefits such as Child Benefit, HST Credit, Carbon Rebate, Ontario Trillium Benefit and others. Collectively, these benefits can range anywhere from $1000 – $10,000 or even more!

What do I need to prepare for the upcoming tax season?

Please start gathering the following documents, whichever applicable in your case:

T4/T4A slips from employers

T2200 forms from employers if you worked from home more than 50% of the time

T2202 Tuition Slips from college/universities

T3, T5, T5008, RRSP slips from financial institutions for investments

Official Child care receipts

Official Donation receipts

Self Employment Income statements (for sole proprietor businesses such as Uber, Lyft, Doordash drivers etc.)

Rental Income statements

New SIN# if applicable

 

Where do I obtain these documents?

Most of these documents will be mailed to you directly from responsible parties (such as Employer, College/University, Financial institution etc.). You should receive these by end of February. In case you do not receive these, you may need to contact the responsible party to obtain them.

How early can I receive tax refunds?

If you have a net tax refund, CRA usually issues this refund in 2-3 weeks of filing your return. Other benefits such as CCB, Carbon Rebate, HST credit etc. will be issued to you throughout the year, either monthly or quarterly.

What are Business Income Statements?

These are a list of all your revenues/sales from your business along with expenses that you incurred to run your business. You can review your bank statements to identify such revenues and expenses and tally them on a spreadsheet.

I did Ride share/Food delivery service. What information do I need to obtain?

You need to obtain statements from your ride share/food delivery portal. For example, if you did Uber eats, you need to obtain the annual tax statements from Uber’s portal.

What are RRSPS (Registered Retirement Savings Plan)?

RRSPs are savings plan that individuals can contribute to save for their retirement. Amounts that are contributed into this plan can be deducted from your net income for tax purposes and thereby reduce your tax bill. There are limitations on how much you can contribute each year however.

What is the Canada Groceries and Essentials benefit?

It is a quarterly benefit paid to eligible low- and modest-income individuals and families to help with groceries and everyday essentials. Amounts can be up to $950/ year for single individuals or $1890/ year for families. You must file your 2024 and 2025 tax returns in order to qualify. 

What is the Newcomer’s benefit?

It is a package of the HST and Ontario Trillium benefits that Newcomers are eligible to receive. It must be applied for separately.