Canadians who file their taxes online can expect an early refund if applicable.
Online filing began on Monday.
UFile Tax Expert Gerry Vittoratos says the number of Canadians using online tax programs is growing.
The Canada Revenue Agency estimates over 90% filed their forms online last year.
Vittoratos says programs are updated each year to reflect any new tax laws.
“Most Canadians (have) basic returns, but then what happens is the government just keeps adding stuff to the return,” says Vittoratos.
“They just keep adding credits and deductions and the different rules between them. It becomes a little more difficult on that end. But that’s where software is brilliant because in the end, the software just accounts for it.”
People who file online do not have to wait for their T-slips from their employer or others.
Employers must make them available to employees by next Monday because the usual deadline of February 28th falls on a weekend.
Vittoratos says copies also had to be provided to the Canada Revenue Agency.
“In that case, the government has a copy. That’s where the government gets the ‘auto-fill-my-return’ side of things,” says Vittoratos.
“You can actually download your slips directly from the CRA.”
Vittoratos says taxpayers still have to input things like childcare and medical expenses to take advantage of certain tax credits.
He recommends people keep all receipts until tax time.
“Once you get to tax season, then you have all your documents, and you just filter out what’s not relevant at that point.”
He says you can also take a photo of receipts and store them online.
He says online receipts have also become acceptable to the CRA.
“It’s very rare you get a paper receipt. I usually donate to hospitals. I get the receipt by email the moment I make the donation.”
The deadline to file your return is April 30th, while those who are self-employed have until June 15th.
Contributions to a Registered Retirement Savings Plan are permitted until March 2nd to be eligible for the 2025 filing period.
If you owe money, payments must be made by April 30th before interest charges take effect.
