Don't you just LOVE filing your tax returns? Who doesn't, right?!
In Canada do, you file taxes for the year in the following year. So in 2021, you should be filing returns for your 2020 income.
Here's a short guide to filing your returns for 2020, and a few other things to keep in mind.
Thank you, H & R Block!
H&R Block is a tax preparation company. Their online software helps you put together the information and documents needed for filing annual returns with the Canada Revenue Agency. H&R Block have free and paid-for packages, and you can file your taxes entirely online without having to go into their offices.
Get an Expert to look at your return before filing
You don't want to leave out important information. Getting an expert's view of your returns costs $30.00 (plus tax) at H&R Block. We advise that you use this service, as it will help you avoid errors and help you get just the tax refunds you are entitled to.
Tips
- If you are self-employed and run your business from home (or any other premises), keep your receipts! You need them as proof of expenses spent out-of-pocket for your business -- like gas, internet, office space, lunch, stationery etc.
- If you are employed, make sure you have your T4 slips sent from your employer.
- Track your income in an Excel spreadsheet so that you are able to know exactly how much you have made in 2020 and can put in the correct figure.