Preparing to file - Segment 8
Host: Welcome to the segment called Preparing to file, part of the Canadian Students and Income Tax video.
With me is Frank Stewart. Welcome Frank.
Subject matter expert: Thank you Janice.
Host: How do I know which tax package is the right one for me?
Subject matter expert: Except for Quebec, individuals in all provinces and territories file a return and complete the applicable provincial or territorial schedules for their province of residence. For example, if you usually live in B.C. but attend school in Ontario, you should complete the tax package for B.C. because this is your province of residence.
To get an income tax and benefit package, you can buy tax preparation software that includes the forms, you can download and print the forms you need from the CRA website, or you can order the forms and have them mailed to you. You can also order forms by calling 1-800-959-8281.
To order forms go to the CRA's webpage at www.cra.gc.ca/forms.
The link is included in the Related links for this segment.
If you're a resident of Quebec, you complete a federal T1 return for the CRA and a separate provincial return for Revenu Québec.
For more information, visit www.revenuquebec.ca.
Host: Okay, so I've got my tax package, now what?
Subject matter expert: Go through all of your income information slips and organize them by income type.
The most common slips you may receive include:
- T4, Statement of Remuneration Paid, which shows employment income;
- T4A, Statement of Pension, Retirement, Annuity and Other Income, which shows scholarships, bursaries, and fellowships, among other types of income;
- T5007, Statement of Benefits, which shows social assistance, provincial or territorial supplements, and workers compensation benefits;
- T4E, Statement of Employment Insurance and Other Benefits, which shows employment insurance benefits;
- T5, Statement of Investment Income, which shows income such as the interest you have earned on your investments;
- T2202A, Tuition, Education and Textbook Amounts Certificate, which your educational institution will provide.
For more information, go to the CRA's information slips webpage. The link is included in the Related links for this segment.
Host: I've gone through all my slips, Frank, but I seem to be missing one, what should I do?
Subject matter expert: To get a missing slip or receipt, contact the person who should have sent it to you. For example, if a T4 slip is missing, contact your employer.
Even if you are missing some information slips or receipts Janice, make sure you file on time. You are responsible for reporting your income from all sources to avoid any interest or penalties that could be charged.
If you know you will not be able to get a document by the filing due date, you may have to estimate the income to report and any related deductions and credits you can claim, using any pay stubs or statements you might have. If you are filing electronically, keep all your documents in case the CRA asks to see them.
You might also be able to view a missing slip using the CRA online option called My Account. I'll talk about that option shortly.
Host: You were talking about the importance of filing on time. What is the filing due date?
Subject matter expert: Generally, your return has to be filed on or before April 30th of the following year unless you or your spouse or common-law partner was self-employed. If that's the case, your return is due on or before June 15. However, if you have a balance owing it must still be paid by April 30th.
Besides possible penalties and interest, late filing can also delay your GST/HST credit and your Canada child tax benefit payment. So it's in your best interest to file on time.
Host: What if the due date falls on a weekend or holiday?
Subject matter expert: If the due date falls on a Saturday, Sunday or public holiday, the return and any payment are considered on time if they are received or postmarked on the next business day.
Host: Can I authorize someone else to deal with my tax matters for me?
Subject matter expert: Yes, you can authorize a representative, such as your father, mother, spouse or common-law partner, tax preparer, or accountant, to deal with the CRA on your behalf. When you give the CRA consent to deal with a representative, you are letting that person represent you for income tax matters, depending on the level of authorization you specify for the tax year or years.
Host: How do I give my consent?
Subject matter expert: You can make this request either through the CRA website using My Account, or by completing and mailing Form T1013, Authorizing or Cancelling a Representative.
The links are included in the Related links for this segment.
Host: Is there any advantage to authorizing my representative online rather than using the paper process?
Subject matter expert: Yes. Authorizing your representative online using the "Authorize my representative" option found on My Account will give your representative instant access to the information and services needed to help you with your income tax and benefit information.
Also, for your protection and peace of mind, you can change or revoke your representative's authorization online at any time.
Authorizations submitted on paper, for example, by completing Form T1013, Authorizing or Cancelling a Representative, will only grant the newly authorized representative access after the CRA has processed the form.
Host: What if I change my mind about who is representing me?
Subject matter expert: Your consent will stay in effect until you cancel it, it reaches the expiry date you chose, or the CRA is notified of your death. Your representative may also request by telephone, in person, or in writing, that the consent you have given him or her be cancelled.
For more information on authorizing a representative go to www.cra.gc.ca/representatives.
You can find Form T1013, Authorizing or Cancelling a Representative, on this same webpage. The link is included in the Related links for this segment.
Host: Is there anywhere I can get more information on preparing an income tax and benefit return?
Subject matter expert: For more information on preparing an income tax and benefit return, go to the CRA video called Preparing your Income Tax and Benefit Return at www.cra.gc.ca/videogallery. The link is included in the Related links for this video.
Host: Thank you Frank.
This concludes our segment called Preparing to file, part of the CRA's Canadian Students and Income Tax video. Thank you for watching.
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