It’s tax time and we have valuable information for you

Did you know?

The Canada Revenue Agency (CRA) is here to help you during tax season. Here’s some information you should know about your taxes, including ways to save money at tax time.

Important facts

  1. Plan ahead – Register for My Account and sign up for direct deposit, so you’ll be ready when you file your income tax and benefit return. You can use My Account to:
    • view your registered retirement savings plan (RRSP) deduction limit and tax-free savings account (TFSA) contributions;
    • pay with pre-authorized debit;
    • apply for benefits;
    • update your personal information; 
    • register for online mail;
    • and more.

    New this year, if you are registered for My Account, you can use the new Auto-fill my return service in certain certified tax software products to automatically fill in parts of your income tax and benefit return, making the online filing process even simpler.

  2. Stay connected – Want access to your tax information on the go? MyCRA is a mobile application for individual taxpayers that lets you securely access and view key portions of your tax and benefit information such as your notice of assessment, tax return status, benefit payment amounts and dates, and RRSP and TFSA contribution room.
  3. Tax-Free Savings Account (TFSA) – Using a TFSA is a great way to save money. Generally, interest, dividends, and capital gains earned on investments in a TFSA are not taxable - either while held in the account or when withdrawn.
  4. Registered retirement savings plan (RRSP) – You can save on your taxes and save for your retirement at the same time. Contributions to your RRSP are tax-deductible, and any income that you earn in your RRSP accumulates tax-free as long as the funds stay in the plan. The RRSP contribution deadline for the 2015 tax year is Monday, February 29, 2016.
  5. Charitable donations – Donations of cash, goods, land, or listed securities made to a registered charity or other qualified donee may be eligible for a charitable tax credit. Also, take advantage of the first-time donor’s super credit on donations of money to a maximum of $1,000 made after March 20, 2013, if you are considered a first-time donor.
  6. Families – There are many ways families can save at tax time. The activities you signed your kids up for may save you money on your taxes - save those receipts! If your child was enrolled in a sports or arts program you may be eligible for the Children’s fitness tax credit or the Children’s arts amount. If you support a dependant with a physical or mental impairment, you may be able to claim an additional amount (up to $2,093 in 2015) related to the family caregiver amount when calculating certain non-refundable tax credits related.
  7. Students – Were you a student in 2015? You may be able to claim tuition, textbook, education amounts, and public transit passes. You can also transfer or carry forward your tuition, education, and textbook amounts.
  8. Seniors – If you receive a pension, you may be able to elect with your spouse or common-law partner to allocate up to 50% of your eligible pension income to your spouse or common-law partner to reduce your combined tax payable. You may also be eligible to claim the age amount, medical expenses, and the disability tax credit. If you are dependent on another person due to a physical or mental impairment, your caregiver may be able to claim the family caregiver amount when calculating certain non-refundable tax credits.
  9. Representatives – If you manage a friend or family member’s tax affairs or if you wish to have someone manage your tax affairs on your behalf, Represent a Client is a secure service that allows the representative to check the status of tax returns and refunds, make changes to tax returns, request remittance vouchers, view RRSP and TFSA information, use the Auto-fill my return service, and more.
  10. Community Volunteer Income Tax Program (CVITP) - If you need help filing your return, have a modest income, and a simple tax situation, community organizations that host free tax preparation clinics across Canada may be able to help you. For more information on the CVITP, go to www.cra.gc.ca/volunteer.

Fast facts about filing your income tax return online

  • Filing your return online and on time lets you get your refund faster and avoids interruptions to your Canada child tax benefit or GST/HST credit payments.
  • Filing online is easy. Certified software packages and web applications (some of which are free to use) guide you through the process, making sure you don’t miss out on credits and benefits you may be eligible for. If you are also registered for My Account, you can use the new Auto-fill my return service to automatically fill in parts of your income tax and benefit return, making the online filing process even simpler.
  • Filing online is secure. The CRA uses the same high level of online security Canadian financial institutions use.
  • Go to www.cra.gc.ca/getready and let us walk you through the process step by step.

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