The 2014 tax season is coming and, if you are an early filer, here are six important points you need to remember about the upcoming tax season.
- The CRA will not process e-filed tax returns before the e-file season start date (last year the start of the e-file season was February 15th).
- There is no advantage to filing on paper before the the e-file season start date. Taxpayers will receive their tax refunds much faster by using e-file.
- The deadline for T4 and T5 slips is February 28, 2014 and the deadline for T3 slips is March 31, 2014. If you have investments, you may want to consider preparing and filing your return after the March 31, 2014 T3 deadline.
- The deadline for filing your 2013 personal tax return is April 30, 2014. If you do not file your tax return by that date, interest and penalties may apply.
- If you have an unincorporated business, the deadline is extended to June 15, 2014, although interest begins to accrue on any tax owing as of May 1, 2014.
- If you have direct deposit, your tax refund may arrive in your bank account within a week of e-filing.