Filing taxes for the first time
#1
Thread Starter
Forum Regular


Joined: Dec 2007
Posts: 62

I've just completed my first year of working here
(permanent resident) & have received my T4's but have no idea how i file them?, i've heard i have to get a form & post in with it being my first time doing the returns.Anyone know how it should be done?
(permanent resident) & have received my T4's but have no idea how i file them?, i've heard i have to get a form & post in with it being my first time doing the returns.Anyone know how it should be done?
#2
Follow the instructions and send the package off to the CRA. It is relatively straightforward, even if you have fairly complicated finances. Failing that, employ an accountant for the first year to ensure you start off on the right foot.
#3
Forum Regular

Joined: Jan 2010
Posts: 36

Go get a personal tax software package (eg Quicktax), enter the numbers when prompted and then print out the finished forms, and send them in (hopefully without a cheque). That's what I do, anyway
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#4
We for the first year went to an accountant and well worth the $75 as we got a nice refund and was able to claim stuff we didn't know about. Going to use them again this year
#5
BE Enthusiast




Joined: May 2007
Posts: 415






or go to the nearest h&r block they do the whole thing for u...obviously u have to pay for it...ive used them every year since we been here
#6
Soulless bureaucrat




Joined: Aug 2006
Posts: 361
From: Ottawa











First year was here, went to an accountant because I'd never filed taxes and was a bit intimidated by the whole thing. They did it fine, but it cost me.
Last year, did it myself, and it was really easy. No need to pay anyone else unless you REALLY hate doing it or have complicated financial arrangements (self-employed, lots of assets in different countries etc).
Took me just a few hours on a Sunday afternoon.
#7
Thread Starter
Forum Regular


Joined: Dec 2007
Posts: 62

Thanks for the help, i did them through Turbotax then printed them off & sent them in the post.How long does it usually take them to process?
#8
Forum Regular



Joined: Mar 2008
Posts: 158
From: Airdrie, AB











Just a note of caution, if there are two of you (and you use something like quick tax or DIY, (one assumes a tax accountant would point this out)) and one of you owes money and the other is due a refund you have to treat the returns separately. This happened to us the first year, my husband was due a refund worth more than what I owed, we naively sent off the forms thinking this was a joint filing (before the deadline I hasten to add) and I then got a nastygram saying I owed them about $450 (including a whopping $2.20 interest for late payment). We then got a cheque in the post for $550 about a week later.
Helen
Helen
#9
Next year you will be fine.
#10
Thread Starter
Forum Regular


Joined: Dec 2007
Posts: 62

Just a note of caution, if there are two of you (and you use something like quick tax or DIY, (one assumes a tax accountant would point this out)) and one of you owes money and the other is due a refund you have to treat the returns separately. This happened to us the first year, my husband was due a refund worth more than what I owed, we naively sent off the forms thinking this was a joint filing (before the deadline I hasten to add) and I then got a nastygram saying I owed them about $450 (including a whopping $2.20 interest for late payment). We then got a cheque in the post for $550 about a week later.
Helen
Helen
#11
Forum Regular



Joined: Mar 2008
Posts: 158
From: Airdrie, AB











I won't even get my T4 until March so nothing I can do until then. If you have all the information now then go for it and get it out of the way!




