You Ask, We Answer

It depends how complex your tax return is and which period of the tax season you started the process with us. Usually, between 3 and 7 business days is the reasonable amount of time to get it done.

The documents required will vary according to your financial and fiscal situation. For example, if you worked as employee during the year, you will receive a T4 from your employer. If you also had investments with financial institutions, you may receive a T3, T5 or T5008. In case you paid tuition, you may receive a T2202. So, you may have only one “T” form or several. In our process we ask you to answer a few questions related to your income for us to find out what else is important to report. To learn more, download the list of most common documents used in preparing the tax return via the link at the top of the page.

Yes. All your income earned in another country must be reported in your Canadian Tax Return. You may be able to claim foreign tax credit if Canada has Tax Treaty with such country.

If the sum of all income-generating assets (rented property, financial investments, bank balances, stock market shares, cash, jewelry, etc.) exceeded CAD 100,000 at any time during the previous year, you will need to file a simplified declaration of assets held abroad. However, if the sum of all income-generating assets exceeded CAD 250,000, you will need to file a detailed declaration of each asset held abroad.

There are several different deductions. The most common are: Medical, Dental, Union Fees, Donation to Charity, Tuition, RRSP, FHSA, Moving, Childcare, First-time home buyer, Disability, amongst others.

This is a misunderstanding about tuition paid and tuition used. The tuition paid can be used to offset your income and reduce the tax owned or increase the tax refund. The tuition itself is not refundable.

Tax Return is the document you must file before CRA to report your financial and tax situation. Tax Refund is the excess tax paid during the year which is calculated in your Tax Return that will be paid (refunded) back to you.

Yes, and this is highly recommended. There are 3 ways for you to register your bank account: 1) If you have access to your online account at CRA, you can register directly there. 2) By phone at 1-800-959-8281 (CRA customer service) 3) At your bank. By going in person to a bank branch.

According to CRA, for Tax Returns filed electronically, the deadline is up to 2 weeks if nothing comes up. For paper filed Tax Return, CRA estimates up to 8 weeks to process and issue the payments.

There are different ways to pay your taxes in Canada. The best recommendation is to look at CRA website (https://www.canada.ca/en/revenue-agency/services/payments-cra/individual-payments/make-payment.html)and choose the method that is more suitable for you.