The amount of income tax you owe depends on your annual earnings. You can reduce or even eliminate your income tax liability by applying for tax credits and claiming eligible expenses. For instance, the basic personal amount, a non-refundable tax credit, allows Canadian residents to earn over $10,000 annually before becoming liable for income tax.
Why do I need to file my taxes?
Filing your taxes on time is essential for several reasons. For example, students applying for loans at their universities often need to provide information from their tax returns, as well as from a parent or spouse, to complete the application process.
Filing your taxes early not only helps you organize essential documents but also allows you to receive your tax refund sooner than others. Getting ahead in the filing process means faster access to your money!
Hiring a personal tax accountant is an excellent way to save both time and money. Instead of spending countless hours navigating the complexities of tax preparation, an expert can manage it for you. Additionally, they will help identify potential deductions and savings opportunities based on your income, ensuring you don’t miss any beneficial tax tips when filing at year’s end.
When will I get my tax refund?
If you file your tax return online and electronically, you can typically expect to receive your tax refund within about two weeks. However, if you submit your return by mail, it may take approximately two months before you receive your refund.
To maximize your tax refund, it is wise to consult a personal tax accountant in Mississauga. A professional can help you assess your financial situation and provide valuable advice on strategies to increase your refund at the end of the year.