Frequently asked questions

How do I file my tax?

Step 1 – Go to www.taxably.ca

Step 2 – Click on ‘File Your Tax’

Step 3 – Fill out the forms to the best of your knowledge and click SUBMIT

Step 4 – Wait for a Taxably team member to contact you and will prepare your return and send it to you to review and sign.

Step 6 – We submit your return to the CRA. 

How long does Taxably need to file my tax return?

Usually, our turnaround time is 48 hours depending on the return and its complexity.

We at taxably do our best to file your returns as soon as possible.

When do I pay for the services?

After we have prepared your tax return, we will contact you to review and sign all necessary documents with an explanation about your tax return. Once you have reviewed and signed, we will send you an invoice for the services. Once your invoice is paid, we will submit your income tax return to the CRA. 

How long will it take to get my Refund from CRA?

According to the CRA website, you can get your refunds either through physical cheques or direct deposit. Cheques take about 4-6 weeks, direct deposit takes about 2-3 weeks. (Depending on Covid 19 regulations/restrictions). For more information, please visit: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/refunds.html

When to expect a Notice of Assessment from CRA?

Notice is of Assessment ( NOA ) is an evaluation of your tax return that the Canada Revenue Agency sends you every year after you file your tax return. You NOA included the date CRA check your tax return, and the details about how much you may owe, or get as a refund or credit. Your NOA is an important document and is recommended to keep it with your tax records for future purposes. 

 

 You will receive your Notice of Assessment in the same manner that you submitted your taxes. Therefore, if you filed online, you will receive your Notice of Assessment online. In most cases, you will receive an online Notice of Assessment within two weeks of filing. However, much like with a paper return, you will receive a Notice of Assessment between four to eight weeks.  This could take longer if you filed very close to the deadline and the CRA is busy depending on Covid-19 restrictions. 

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/notice-assessment-understand.html

What documents do I need to start filing?

Get everything you need to calculate your income and support any credits, deductions and expenses you want to claim.

If you were employed or had an investment income in 2020, your employer or financial institution will send you statements commonly referred to as ‘’slips’’. Here are some common examples:

  • T3 Statement of Trust Income Allocation and Designations
  • T4 Statement of Remuneration Paid
  • T5 Statement of Investment Income

If you received Canada Emergency Response Benefit (CERB), Canada Emergency Student Benefit (CESB), Canada Recovery Benefit (CRB), Canada Recovery Sickness Benefit (CRSB), or Canada Recovery Caregiving Benefit (CRCB) payments, these are considered taxable income. You will need to file, and enter the total amount you received on your return. For any such payments, you will receive a T4A (for benefits issued by the CRA) and/or a T4E (for benefits issued by Service Canada) tax slip in the mail with the information to enter on your return. You can view tax slips online as of February in My Account.

https://www.canada.ca/en/services/taxes/income-tax/personal-income-tax/doing-your-taxes.html

 

Here are the following documents that will get you started with the filing process: 

 

    • Previous year’s return ( If Filed) 
    • SIN number
  • Income slips ( T3, T4, T4A, T4A (OAS), T4E, T4RSP, T5, T5007, RC62A)
  • Receipts for Payments
  • Business income Information (If Any)
  • Rental Income and Expenses ( If Any)
  • Stocks and Trade Information ( If Any) 
  • Tuition slip (T2202/T2202A ) if you are a student. 
  • Receipt for student loan repayment if you are repaying. 
  • Rent/Property tax receipts. 
  • Valid Photo ID – Driver’s License/Passport.

Types of different Income Slips

  • T3: Investment Slips; Trust Income. 
  • T4:  Employment Income 
  • T4A: Pension Income; Taxable Benefits; Wage Loss Replacement, Retiring Allowances; Scholarships &Grants 
  • T4A(P): Canada Pension Plan
  • T4A(OAS): Old Age Security
  • T4E: Employment Insurance
  • T4RSP:  Cashed In RRSP’s; Homebuyers Withdraws
  • T5: Investment Slips; Bank Interest; Stock Dividends 
  • T5007: Social Assistance; Workers Compensation 
  • RC62: Universal Child Care Benefit

You must self report any income you do not receive a slip, for example Rental Property Income, Stocks and Trades, Support Payments Received.

How can I get in contact with taxably?

  • Below we have listed the ways you can contact us. 

How does Taxably help ?

  • We at Taxably, recognize that our community needs to stand by each other and support one another through these critical times. We are committed to stand by individuals and small businesses, through educating and helping them with their taxes, finances and setting them up for sound a financial future. 

Can I Come in person?

Due to the current covid 19 restrictions and for the safety of our clients and employees we are not allowing walk-ins and encouraging our clients to take advantage of our video chat feature through our website to contact us. If the situation needs it, we would be able to make special arrangements to help you with your needs. 

 

Income Tax Filing Deadline

The deadline to file your return and pay your taxes is April 30, 2021.

If you’re self-employed or have a spouse or a common-law partner who is self-employed, the deadline to file your taxes is June 15, 2021. All taxes owed must still be paid by April 30, 2021.

When should I report my HST?

  • If your annual taxable supplies threshold amount is $1.5 million or less, then the assigned reporting period would be annually. Optional reporting periods are monthly & quarterly. 
  • If your annual taxable supplies threshold amount is more than $1.5 million up to $6 million, then the assigned reporting period would be quarterly. Optional reporting period is monthly .
  • If your annual taxable supplies threshold amount is more than $6 million, then the assigned reporting period would be annually. 

 

For more information please visit CRA website : https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/complete-file-when.html

Instalment Payments Due Dates

  • Instalments are periodic income tax payments that you have to pay on certain dates. These are to cover tax that you would normally have to pay in a lump sum on April 30 of the following year. Instalments are not paid in advance; they are paid during the calendar year in which you are earning the taxable income.If you make instalment payments on your income tax, your payments are due four times throughout the year on the 15th of March, June, September, and December.For more information please visit CRA website : https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/making-payments-individuals/paying-your-income-tax-instalments.html

How long should I keep my tax paperwork?

Even if you do not have to attach certain supporting documents to your return, or if you are filing your return electronically, keep you supporting documents for 6 years incase the CRA selects your return for review. The CRA may ask for documents other than official receipts such as cancelled checks or bank statements as proof of any deduction or credit you claimed. Also, keep a copy of your return, the related notice of assessment, and any notice of reassesmenet. 

How long should I keep my tax paperwork?

Even if you do not have to attach certain supporting documents to your return, or if you are filing your return electronically, keep you supporting documents for 6 years incase the CRA selects your return for review. The CRA may ask for documents other than official receipts such as cancelled checks or bank statements as proof of any deduction or credit you claimed. Also, keep a copy of your return, the related notice of assessment, and any notice of reassesmenet. 

Canadian Tax Brackets:

2021

 

  • Federal Tax Rates for 2021

 

For 2021, you can earn up to $13,808 without paying any federal taxes. 

  • 15% on the first $49,020 of taxable income, and
  • 20.5% on the portion of taxable income over $49,020 up to $98,040 and
  • 26% on the portion of taxable income over $98,040 up to $151,978 and
  • 29% on the portion of taxable income over $151,978 up to $216,511 and
  • 33% of taxable income over $216,511

 

  • Ontario Tax Brackets for 2021

 

For 2021, you can earn up to $10,880 without paying any provincial taxes. 

 

  • 5.05% on the first $45,142 of taxable income, and 
  • 9.15% on the portion of taxable income over $45,142 up to $90,287 and
  • 11.16% on the portion of taxable income over $90,287 up to $150,000 and
  • 12.16% on the portion of taxable income over $150,000 up to $220,000 and
  • 13.16% of taxable income over $220,000

 

2020

 

  • Federal Tax Rates for 2020

 

For 2020, you can earn up to $13,229 without paying any federal taxes. 

 

  • 15% on the first $48,535 of taxable income, and
  • 20.5% on the portion of taxable income over $48,534 up to $97,069, and
  • 26% on the portion of taxable income over $97,069 up to $150,473, and
  • 29% on the portion of taxable income over $150,473 up to $214,368, and
  • 33% of taxable income over $214,368

 

  • Ontario Tax Rates for 2020

For 2020, you can earn up to $10,783 without paying any provincial taxes. 

 

  • 5.05% on the first $44,740 of taxable income, and 
  • 9.15% on the portion of taxable income over $44,740 up to $89,482 and
  • 11.16% on the portion of taxable income over $89,482 up to $150,000 and
  • 12.16% on the portion of taxable income over $150,000 up to $220,000 and
  • 13.16% of taxable income over $220,000

 

ONTARIO 2020

What you may be eligible for if I file my Income Tax?

Depending on your Income Tax situation you may be eligible for the following: 

 

  • Canada child benefit
  • GST/HST
  • Welcome to Canada for Immigrants
  • Deductions, credits and expenses:
  • Pension split.
  • Child care expenses deductions.
  • Northern residence.
  • Caregiver.
  • Disability.
  • Volunteer firefighter.
  • Climate action benefit.

What happens if you sell your Prinicpal Residence?

When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption. This is the case if the property was solely your principal residence for every year you owned it. For the sale of a principal residence in 2016 and subsequent years, the CRA will only allow the principal residence exemption if you report the disposition and designation of your principal residence on your income tax and benefit return. If you forget to make this designation in the year of the disposition, it is very important to ask the CRA to amend your income tax return for that year. The CRA will be able to accept a late designation in certain circumstances, but a penalty may apply.

For more information please visit: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/principal-residence-other-real-estate/sale-your-principal-residence.html

Paper File vs E-file?

In an effort to reduce paper waste, tax packages will no longer be available at Canada Post or Caisse populaire Desjardins locations. However, taxpayers who do visit their local Canada Post location will find information on how to contact the CRA to get a copy. We recognize that Canadians have diverse needs when it comes to return filing, and we are committed to making sure no one is left behind. Filing taxes by paper has become a tradition for some Canadians. They have been doing it that way for years, and it works for them. To those individuals, I want to assure you that the CRA has not forgotten you, the Paper Filer.

 

For more information please visit: https://www.canada.ca/en/revenue-agency/news/2020/02/the-cra-has-not-forgottenthe-paper-filer.html

What are some common mistakes made my canadians?

According to CTV News, the costliest tax mistakes made by Canadians are usually related to missed deductions and a lack of understanding about whether they need to file. It is especially important for students to file their returns in order to build credit with the CRA. Many students don’t file because they have no income, but once they graduate and start earning income, they have no credit with the CRA

How do I make a payment to the CRA?

There are many ways you can make a payment to the Canada Revenue Agency (CRA):

  • using your financial institution’s telephone or online banking service
  • using the CRA’s pre-authorized debit service offered through My Account, which lets you:
    • set up a payment from your bank account to the CRA on a pre-set date
    • pay an overdue amount or make instalment payments
  • through the CRA’s My Payment service, which lets you make payments online. You can use this service if you have Visa® Debit, Debit MasterCard® or Interac® Online at a participating financial institution
  • through a third-party service provider that offers payment by credit card or PayPal.
  • in person at any Canada Post outlet using cash or debit card.

 

For more information please visit: https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-filing-season-media-kit/tfsmk29.html

How do I cancel/reschedule the consultation?

CHAT BOX: 

 

Name of the CHat box is : Donna 

 

Hi There! Gald to have you at Taxably. 

May I know you name and email id please? (After they provide this information ) 

 

What can I help you with? 

 

request a consultation

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