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Important Information

Tax Tips

Remember to file your tax returns on time, especially if you have a balance due.
You are not required to pay income tax on any profit you make on the sale of your home if you used it as your principal residence for the entire time you owned it.
You are required to pay income tax on only 50% of your capital gain if you make a profit on the sale of a capital property.
If your donations total more than $200 to take advantage of the higher tier credits, combine 2-3 years of charitable donation into one charitable year.

Frequently Asked Questions

How long will it take to process my tax return?
If a return is e-filed it generally takes 6-8 business days and it a return is paper filed it takes 6-8 weeks.

Can I claim an Eligible Dependent if I am married and my spouse is in back home?
Yes you can claim your spouse as your Eligible Dependent if your spouse is in back home.

Can I claim my prescription costs ?
Yes, you can claim prescription costs if it is at least 3% of your income. You can claim eligible medical expenses for your dependents as well.

Can I claim my moving expenses?
To claim moving expenses you must have moved at least 40 km.

What is the Requirement to claim Northern Residents Deduction?
You can check to see if you live in prescribed zone by going to this link: http://www.cra-arc.gc.ca/E/PUB/tg/t4039

Can I claim my kid's tuition fees?
Yes, you can claim kid's tuition fees if you are eligible for it.

Can I claim my parents as my dependent?
There are some requirements to claim your parents as your dependents.

Can I claim my kid's day care expenses?
Yes to claim day care expenses you will need the receipt from the daycare with some particular information of the day care.