78 Tax Tips for Canadians for Dummies by Christie Henderson, Brian Quinlan, Suzanne Schultz

By Christie Henderson, Brian Quinlan, Suzanne Schultz

Compiled by way of a professional crew of accountants, 78 Tax guidance For Canadians For Dummies bargains sensible tax making plans concepts. those person information provide basic suggestion and perception that may keep readers aggravation and cash.

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But on the bright side, individuals need to deal with only one tax collector — the CRA. The CRA administers the tax system for the federal government and all of the provinces and territories except Quebec. Both the feds and the provinces/territories have “tax on income” systems: taxes are based on taxable income, and each province and territory has the right to set its own rates and policies. When you file your tax return, you fill out federal tax forms and provincial/territorial tax forms. The rules are similar, but not identical, for both.

You can file electronically only for the current tax year. Past year’s returns must be paper-filed. #7: Figure Out How to File Your Return 37 Paper Filing: The OldFashioned Way Although we’re living in the techno age, we realize that not everyone embraces the computer. If you want to paper file your return you have two preparation options: ✓ You can go totally old school and fill out your tax forms by hand — you can ask the CRA to send you the forms, print them from the CRA Web site, or pick up a copy at your local post office or CRA office.

No more tearing through the paper when you’ve erased the amount on line 150 one too many times. Tax preparation software makes sense when you’ve already dived into the world of preparing your own return. And even for those of you still sitting on the fence, tax preparation software may provide the nudge you need. When choosing between preparing a return on paper or on the computer, we’d choose the computer every time. We’re not the only ones who would choose the computer. According to the government, more than half the tax returns filed in 2008 were filed electronically.

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