In this post, we want to explain in an indicative way how you can make the declaration of income or income tax return in Canada.
In Canada, the agency that manages taxes and fees, and to whom you must send your tax return is the Canada Revenue Agency (CRA). You will find all the information on the official website of Canada; you will need to get a T4. But if you want to understand how to get t4 from CRA, keep on reading this article.
What do you need?
Each company where you have worked has to send you a document called “T4 slip”. These slips have the income details until the last day of February of the following year to which your rates apply (for example, if they are the income details of 2017, they have until February 28, 2018). They can send it to you by email or by letter because you only need the figures that appear.
How to get t4 from CRA?
As you know, someone can do them for you, but if you decide to do them yourself, you can use one of the different programs that exist. These programs have a helpful list that is very useful if you go missing something.
You have to keep in mind that if it is the first time you are preparing for t4, you should send them on paper (by regular mail) to CRA; while if it is not the first time you are doing so, send them by email through the accounting programs or their online portal for payrolls.
How long does it take to process them once you have sent them?
The process may vary depending on the way you send it and your income details. If it is online, it can be about eight days, while if it is on paper, you can be up to 8 weeks. Sometimes it is even longer.
Can I degrade expenses?
There are certain expenses that you can degrade in your statement, such as public transportation, medical prescriptions, medical expenses, daycare centres, etc. you can see the list of what you can deduce on the official website.
Remember to save all your receipts because they can ask for them later.
How can I get my money back?
One of the ways is by bank transfer (” direct deposit “), which is the fastest. For them, you must fill out a form where you authorize CRA. Again you can check the process on their official site.
But it would be by check.
In the case that you have moved from Canada, it can only be done by check and sent to your new address outside of Canada.
How can I see the status of my CRA application?
We recommend that you register with CRA so that you can do everything online: change of address, see if they have received your statement, when they deposit your money, etc.
Keep in mind that they will ask you for the SIN and have made the declaration at least once since they ask you for information on the last statement of the fees.
I hope that with this post we have clarified a bit of the doubt.
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