Make sure to collect all the required documents before starting your tax return. This includes T4 slips from employers, receipts for any deductions or credits, and any other relevant tax forms. Keeping everything organized will make the process smoother and less stressful.
Be aware of the key tax deadlines in Canada. For most individuals, the deadline to file your return is April 30. Missing this deadline can result in penalties and interest charges, so it’s crucial to file on time.
Make sure you’re aware of the various tax credits available to you. Common credits for beginners might include the basic personal amount, the GST/HST credit, and the Canada employment amount. These credits can reduce the amount of tax you owe or even increase your refund.
Set up direct deposit with the Canada Revenue Agency (CRA) to receive your tax refund faster. This method is quicker and more secure than waiting for a cheque in the mail, and you can easily set it up through your CRA account.