Question 1

Which documents are required to prepare my tax return?

Accepted Answer

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.

Question 2

Do I have to report my income earned outside of Canada?

Accepted Answer

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.

Question 3

Do I have to report my foreign assets?

Accepted Answer

If you owned more than CAD 100,000 at any time during the previous year, you will have to file a simplified foreign assets return. However, if you owned more than CAD 250,000, you need to file a detailed foreign assets return.

Question 4

Which kind of deductions can I use in my tax return?

Accepted Answer

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.

Question 5

Can I have a tuition refund?

Accepted Answer

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.

Question 6

What is the difference between tax refund and tax return?

Accepted Answer

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.

Question 7

Can I receive my Tax Refund in my bank account?

Accepted Answer

Yes, and this is highly recommended. We can help you set up this option when you have us prepare your tax return.

Question 8

How long does it take to get my Tax Refund?

Accepted Answer

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.

Question 9

I have to pay taxes after all. How do I do it?

Accepted Answer

1. 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.

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