8 Simple Steps to Prepare for the 2021 Tax Season
Find out what's new for the 2021 tax season and your filing and payment due dates. Begin by gathering your documents to report income and claim deductions, and choose how you want to file and send your completed tax return to the CRA. You can find our 2021 Tax Checklist at the end of this email, free to download!
Steps to get ready for 2021 taxes
Find out what's new
How COVID-19 benefits impact your taxes
Reporting COVID-19 benefit amounts on your tax return, tax slip issues and payments options
What's new for 2021 taxes
Changes to benefits, credits, and expenses for individuals and families, and updates to the 2021 income tax package
Be aware of key dates for 2021 taxes
Filing and payment due dates for taxes, contributions, installment payments, and any amounts you may owe
Filing dates for 2021 taxes
- April 30, 2022 (May 2, 2022 since April 30 is a Saturday): Deadline to file your taxes
- June 15, 2022: Deadline to file your taxes if you or your spouse or common-law partner are self-employed
Payment date for 2021 taxes
- April 30, 2022 (May 2, 2022 since April 30 is a Saturday): Deadline to pay your taxes
Know what to report and claim
Report your income
What to report as income, including COVID-19 benefits, self-employment income, foreign investment income, income from assets, or other earnings
Claim deductions, credits, and expenses
Find and claim tax deductions, credits, paid tax instalments and expenses such as home office expenses for employees or paid tax instalments
If you are a small business owner or self-employed
Get free tax help to better understand your tax obligations by booking a call with us to discuss
Get your tax slips
Understand your tax slips like the T4 and T4A, when you will receive them, and how to get copies
Keep your CRA information up-to-date
Update your personal information
Tell us or CRA about changes to your address or marital status. An incorrect address may result in not receiving your refund, if eligible
Set up or change direct deposit information
To ensure you get your payments and refunds faster, you can sign up for direct deposit or change your account information through the CRA or your financial institution
Try CRA's easy-to-use digital services
If you registered for My Account or the MyCRA mobile web app, you can change your address, phone number, or other personal information that the CRA has on file, as well as enroll for direct deposit
Ways to do your taxes
File your taxes online or by paper, or find other options such as having someone else complete them for you:
- NETFILE and EFILE Certified tax software (electronic filing)
- Authorize a representative (Like us!)
- Community volunteer tax clinic
- Discounter (tax preparer)
- File my Return - Automated phone line (by invitation only)
- Tax filing assistance from a CRA agent
Send the CRA your completed tax return
File your tax return online or mail CRA your completed tax return to your tax center
Make a payment or wait for your refund
Have a balance owing
Pay the taxes you owed, options if you cannot pay, or arrange to pay over time
Getting a refund
You will get a refund if you paid more taxes than needed
After you file your tax return
Get your notice of assessment, find out the status of your refund, or make a change to your tax return
To formally dispute your notice of assessment or reassessment, credit or benefit decision, you may want to file a notice of objection.
2021 Tax Checklist
We've created our 2021 Tax Checklist for you to ensure that your tax filing process is as simple as possible. Check out the NEW tax changes on page 2 so you're not missing a penny of deductions or credits. If you're self-employed, make sure to check out pages 3 and 4 to find some tips on what you might be missing.
Remember:
- Read it carefully to maximize your deductions
- Let us help make the process as simple as possible
- Contact us if you have any questions
Contact Our Professional Accountants at Your Bottom Line for Personal and Corporate Tax, Bookkeeping, Payroll, Virtual CFO services, QuickBooks Setup & Trainings, HST filing services and much more across Oshawa, Whitby, Ajax, Pickering, Bowmanville, Newcastle, Port Perry, Cobourg and more.