Filing your personal Canadian income tax return can also help you qualify for various government benefits. Here are some examples:
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here are five more benefits of filing your personal Canadian income tax return:
Filing your personal Canadian income tax return offers several benefits, including:
What documentation should you include with your return and which records should you maintain? If filing electronically, retain all receipts and documents as the CRA may request them later. For paper filings, the information provided will specify necessary attachments like certificates, forms, schedules, or receipts. It's advisable to retain all receipts and documents for at least six years post-filing to accommodate potential CRA reviews.
Even though there is a strike affecting the CRA and the public sector workers, you will not avoid penalties if you do not file your taxes by the May 1st deadline.
Filing your Canadian income tax on time is essential to avoid penalties and interest charges. In this blog post, we will discuss the importance of filing your Canadian income tax on time and the penalties you may be subject to if you are late.