Filing Income Tax Returns in S on time along with benefit returns is very crucial. It is vital to avoid delays in receiving benefits and credit payments as well as avoiding undue penalty charges and interests on the balance amount you owe.
Important dates and facts
- Due date for filing income tax and benefit return in Canada for financial year 2016 is April 30, 2017. Now, it being a Sunday, you have the advantage of filing it till May 1, 2017 midnight.
- For self employed individuals and their spouses/common law partners, the due date is June 15, 2017 for filing their income tax and benefits returns. For any balance amount they owe, the due date is still April 30, 2017.
- Percentage of people filing their tax and benefits returns online has increased drastically, as high as 84 % last year.
- NETFILE-certified tax preparation software is used to file tax and benefits returns online. CRA has published a list of CRA-certified tax preparation software packages and web applications for quick and time saving filing of tax and benefit returns, some of which are available for free.
Online Filing to Save Time
Filing of tax and benefits returns online is easy and efficient as NETFILE-certified tax preparation software sails you through the entire process by guiding you step by step, doing all the calculations and making sure that you don’t miss out on credits and benefits you are eligible for. This is for first time filing. When you are a registered account holder with CRA, you are eligible to use “Auto-fill My Return” service.
If you file your tax and benefits returns online and your email id is registered with CRA for receiving online mail, you will be notified with the results of your assessment immediately after you file.
For every query regarding filing of personal and corporate tax for financial year 2016, consult Z Rahman Professional Corporation. ZRPC is the leading provider of corporate accounting and tax services in Scarborough.