The CRA may have granted Canadians a tax filing expansion this year, but that is not stopping many from waiting until the very last second. Have you been postponing your tax-filing?
Heartbleed Scare Leads to CRA Filing Extension
Thanks to this ‘love bug’, the CRA has expanded its original tax filing deadline of April 30th to May 5th. This extension was announced after the CRA found that the systems were jeopardized with the Heartbleed Bug, and individual data of several early bird filers were accessed by hackers.
The fantastic thing is that in the event you have not filed, your advice was not compromised (score one for the procrastinators!). The bad news is that while it was blessed your advice wasn’t influenced; you still have to document your own taxes. But, don’t fear — I can help you get there. Just follow these easy steps below.
Measure 1: Choose Computer Software or Tax Professional
Perhaps the most hotly debated decision when it comes taxation is if you need to go with an off-the-shelf program such as TurboTax, or visit your regional accountant.
Here’s my take — Software tax applications are less expensive, but are notably biased. These tax programs are required to fulfill with the CRA’s tax group policy standard, and thus are focused on capturing your tax payables. The CRA’s tax collection policy is such that the tax individual can contact you when you didn’t pay enough taxes… but he’ll not bother if you have paid too much!
Maintaining this specific policy, the tax computer software programs aren’t meant to meet a very similar benchmark to catch most of qualifying credits depending upon your way of life, economic circumstance, etc.
Having said this, for those who possess a relatively simple return (i.e. you are single, students, and have few cash flow & credit sources), then you can probably eliminate using a tax program. But for those who own a firm, a family group, or even many sources of revenue and deductions, then it can be best to get out an expert like http://inter-grationcpa.com.
Measure 2: Don’t Stay in Fear of Filing
Being a fellow procrastinator, I have come to appreciate that a lot of hesitance comes out of panic, notably among these unknown. Taxes fall into the category for nearly all people and so a pure source of stress and stress, which then leads to the vicious cycle of more empathy, guilt and stress.
But taxes are just nothing to be scared of! Think of it this way — taxes are really a game. There are a set of rules you have to play with within. Your goal is to pay as much cash as you can to the tax man without getting a warning by the referees…. I mean the CRA auditors. It is all up to you if you want to sub at an expert player to play for you, or venture on the market exclusively with your own purchased gear!
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