Tax tip: File on time - Don't miss out on credits and benefits
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Did you know?
Even if you don't owe taxes, you should file your 2011 income tax return by April 30, 2012 to be eligible for some tax credits and benefits.
- Eligibility for certain benefit payments such as the goods and services tax/harmonized sales tax (GST/HST) credit and the Canada child tax benefit is based on information in your yearly tax return.
- Generally, you have until midnight on April 30, 2012 to file your 2011 income tax and benefit return. If you or your spouse or common-law partner is self-employed, you have until midnight on June 15, 2012, to file your income tax and benefit returns. However, any balance owing for 2011 must still be paid by April 30, 2012.
- You can use NETFILE or EFILE (if you use the services of a tax preparer) to file your return online. You can use TELEFILE to file your return by phone or you can complete the return on paper. Regardless of the filing method that you choose, make sure you have receipts and documentation to support the claims made on your 2011 return. Keep all your records for at least six years after the end of the tax year to support your claims in case the Canada Revenue Agency (CRA) reviews your return.
- The CRA's electronic services offer a quick, easy, and secure way to manage your tax affairs. Services like My Account, Quick Access, My Payment, Represent a Client, and My Business Account are useful year‑round to track your refund, check your benefit and credit payments and your RRSP limit, set up direct deposit, and much more. For more information about the CRA's electronic services, go to www.cra.gc.ca/electronicservices.
New payment option
This year, you may be able to make one or more payments in one simple online transaction through the CRA's My Payment service if you have access to online banking at a participating financial institution.
The CRA's online services make filing even easier
With the CRA's online services, you can file your return, track your refund, and change your personal information. You can also sign up for direct deposit to receive your refund in your account at your Canadian financial institution – no more waiting for cheques to arrive in the mail. It's fast, easy, and secure. For more information, go to www.cra.gc.ca/getready.