E-filing your income tax return online has become increasingly popular due to its numerous benefits. Firstly, it is a much faster process as compared to filing offline. With online filing, you can complete the process in just a few minutes, instead of the hours you would need to spend if you were to file your return manually. Secondly, e-filing is more secure as it eliminates the possibility of errors and the risk of your documents getting lost or damaged. Additionally, since the returns are filed online, they are processed by the systems automatically, reducing the chances of errors and making the entire process more efficient. Finally, e-filing also makes the process simpler as it provides you with a step-by-step guide and eliminates the need for manual calculations. With all these benefits, it is no wonder that more and more taxpayers are opting to file their income tax returns online.

It is important to keep your Income Tax Return documents safe and accessible for future reference. Apart from the statutory requirement of maintaining records for 6 years, keeping your documents for a longer period can also help in case of any discrepancies or queries from the Income Tax Department. In addition, if you have made investments in certain instruments like PPF, NSC, etc., then it is advisable to keep the documents for the entire duration of the investment to avoid any confusion at the time of maturity. It is always better to be safe than sorry when it comes to tax return documents. Therefore, it is recommended to maintain a separate file or folder for all your tax-related documents and keep it in a secure and easily accessible location.

The Notice of Assessment (NOA) is an official document issued by the Canada Revenue Agency (CRA) after an individual files their income tax return. It serves as proof that the CRA has reviewed the tax return and has determined the amount of tax owed or the refund owed to the taxpayer. The NOA includes important information such as the taxpayer's name, social insurance number, tax year, and the amount of tax owed or refunded. It is important to keep the NOA safe for future reference, as it may be required by lenders, financial institutions, or government agencies for credit or review purposes. In case there are any discrepancies in the NOA, the taxpayer should contact the CRA immediately to get it resolved.

Form T2125 is a document that self-employed individuals in Canada use to report their business and professional income to the Canada Revenue Agency (CRA). This form is required to be filed annually by the end of June and contains details of all business income and expenses, including use of a motor vehicle and home office expenses. It's important to keep accurate records of business income and expenses throughout the year in order to ensure that all information provided on the form is accurate and complete. Once the form is completed, it must be filed with the CRA for review. Providing false information on the form can result in serious consequences, so it's important to ensure that all information is accurate and truthful.

T4 and T5 are forms used in Canada to report taxes that have been deducted from payments made to employees and recipients of investment income. These forms are required to be filed by employers and income providers, respectively, by February 28th of each year for the previous calendar year.

The Canadian Income Tax Act requires certain payments, such as salaries, wages, tips, bonuses, and investment income, to have taxes deducted at source by the one who makes the payment. These taxes are then adjusted with the final tax payable at the time of computation of income tax return.

The T4 form shows the employee's income, the amount of tax deducted, as well as contributions to the Canada Pension Plan (CPP) and Employment Insurance (EI). The T5 form, on the other hand, shows the amount of investment income received by the recipient, as well as any tax that was deducted at source.

It's important to file these forms accurately and on time to avoid any penalties or interest charges.

These taxes are reported by the employer and income provider in the forms T4 and T5 respectively. The due date of filing these forms are February 28 every year.

It is important to note that the T4A form is used to report income received from sources other than employment, such as pensions, annuities, and self-employment income. The tax deducted by your employer is not shown on your T4A as it is not related to the income reported on this form. This tax is reported on your T4 slip, which is issued by your employer and shows the income you earned from employment, as well as the taxes that were deducted. If you have not received a T4 slip from your employer, it is important to contact them and request one. It is your responsibility to report all income earned, regardless of whether or not it is shown on a T4 or T4A slip. Failing to report income accurately may result in penalties and interest charges from the Canada Revenue Agency.

The T5018 form is a statement of contract payments that must be filed by anyone in the construction industry who pays subcontractors for construction services. The purpose of this form is to report payments made to subcontractors to the Canada Revenue Agency (CRA). The T5018 form provides information about the subcontractor, including their name, address, and business number. It also includes the amount paid to the subcontractor during the year and the type of work that was performed. It is important for construction companies to file this form accurately and on time to avoid penalties and interest charges from the CRA. The deadline for filing the T5018 form is six months after the end of the corporation's fiscal year.

As a pensioner, it's important to understand the rules around pension splitting. While you can split your other pension with your spouse, such as a pension received from your employer, you cannot split your CPP payments received from the government. CPP is an individual entitlement program, which means that each person's CPP benefits are calculated based on their own contributions and earnings history. However, you can still explore other ways to maximize your retirement income and savings, such as applying for other government benefits or tax credits. If you have any further questions or concerns about pension splitting or retirement planning, don't hesitate to reach out to us for more information and guidance.