Your Step-by-Step Guide for a Stress-Free Tax Season

Mark Virgil Lofranco • 12 November 2024

Even though over 30 million Canadians file income tax returns every year, it’s not something most of us are taught in school. Knowing where to start can be a challenge.



If you feel overwhelmed by all the slips, forms, and deadlines, this guide is here to help. We’ve gathered everything you need to know about filing your taxes—made simple.



1. Learn the Tax Lingo


Just like learning key phrases when visiting a new country makes it easier to get around, understanding basic tax terms can make the process smoother. Familiarize yourself with common terms like "taxable income" and "carry forward" to build a foundation for your tax journey.


2. Mark the Important Dates

Staying on top of tax deadlines is essential to avoid penalties and delays. The Canada Revenue Agency (CRA) has specific deadlines for different types of taxpayers, including employees, the self-employed, and business owners. Filing on time not only prevents interest charges but also ensures you receive your refund faster.


3. Know What’s New for 2023

The government has introduced several changes this year, including increased contribution limits and new credits to help with the rising cost of living. To make sure you claim everything you’re eligible for, explore these helpful articles:


  • 9 Biggest Tax Changes Canadians Need to Know in 2023
  • 20 Popular Canadian Tax Deductions and Credits in 2023
  • EI and Taxes: What Canadians Need to Know


4. Benefits of Filing Your Taxes Online

Filing online can save you time and headaches. By creating a CRA My Account and filing electronically through NETFILE, you can reduce processing time from 10–12 weeks to as few as 8 business days. That means you’ll get your refund faster and avoid interruptions to benefits or credit payments.

While filing taxes may seem like just another item on your to-do list, doing it right and on time is worth it. You’ll avoid penalties and interest, and you’ll get your refund faster, setting you up for a successful tax season.


Key Takeaways

  • The CRA has strict deadlines for submitting tax returns and payments, so filing on time helps you avoid penalties and interest.
  • The government has introduced new credits and deductions in response to the pandemic and rising cost of living—make sure to check which ones you’re eligible for.
  • Filing taxes online via NETFILE can speed up your refund by several weeks.

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