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Ontario|Tax LawRules for Individuals 175 Filing a tax return Many people prepare their own tax returns by either following the steps in the tax return packages provided by Canada Revenue Agency or by purchasing a software program that asks for information to be entered and then calculates the amount owed or the amount to be refunded.
Some people prefer to get assistance from accountants or from tax filing services. A tax return must be filed by an individual who owed tax for the year, or who sold property that qualifies for a capital gain or loss. Also, if an individual wants to collect a refund, they will need to file a tax return.
Filing a tax return involves filling out forms for Canada Revenue Agency that report your income for the year, any deductions and credits you are claiming, and the calculation of the tax you owe for the year.
- Use a current tax return kit from Canada Revenue Agency
If you are going to prepare your own tax return, you can obtain a tax return kit from Canada Revenue Agency, or from the nearest post office. Since there are usually changes to the tax laws each year, it is important to use a current form for filing your tax return. You may also purchase a computer program that will ask you to input information and then calculate your taxes. These programs usually are set up in a simple question and answer format, and are programmed to check for any deductions or credits you may be entitled to.
To fill out a tax return or have it filled out by someone else, you will first need copies of all the tax receipts from your income sources, including any T4 forms for employment income, T5 forms for interest, and T3 forms for trust income or mutual fund income. Generally, your employer and investment company will send these to you. It is also a good idea to compile any receipts for credits or deductions you will be claiming, such as RRSP contributions, medical expenses, donations, tuition, or rent.
- Making changes to your tax information
If you need to make a change to any tax return that you have already filed, you can complete a special form called a T1 Adjustment Request, which is available from Canada Revenue Agency. Or you can write a letter to Canada Revenue Agency with the details of the changes you want to make, as well as your social insurance number, name, address, and daytime telephone number. You should also attach any supporting documents or receipts.
For additional information on how to file a tax return, you can call Canada Revenue Agency. This number is listed in the Blue pages of your telephone book. For assistance in filing a tax return, consult an accountant or a tax filing service.
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