Do you expect a tax refund? If so, filing your return via the Internet can get that money into your hands much sooner than if you file by mail. Most refunds are available within two weeks, and can be deposited directly into your bank account if you provide direct deposit information to CCRA. Even if you have a balance owing, you can file early and not submit payment until April 30.
Another advantage is that you don't need to send receipts with your return. This saves the hassle of making copies for your own records prior to mailing your return to the government. Do keep them in case CCRA asks to see them. If CCRA needs to verify information on your income and expenses, they will contact you, however you are no more likely to be selected for a formal review than if you filed a paper return. Remember, you should retain all supporting tax information for seven years.
Not everyone is eligible to file electronically – check CCRA's NETFILE Web site for a list of exclusions.
Click here for a complete list of Tax Tips.
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