Peter Katevatis - Mar 07, 2014
Let’s face it, tax season sucks. You have to sift through all of your expenses from 2013, print off tax forms, and hopefully you don’t forget anything. You get to reminisce about some good times and fine meals but also some overpriced product that
Let’s face it, tax season sucks. You have to sift through all of your expenses from 2013, print off tax forms, and hopefully you don’t forget anything. You get to reminisce about some good times and fine meals but also some overpriced product that has already hit the dust bin.
If you have a good accountant, they will keep your life organized but it still takes a lot of grunt work that most (who does?) people don’t want to do. Ask your accountant for a checklist - the easier you make their job, the lower your accounting bill will be. Feel free to ask for a copy of the comprehensive list my accountant sends me.
When dealing with the Canada Revenue Agency (CRA) most of us cringe. We are Canadians. We pay our taxes (I’m looking at you, Greek citizens) but we don’t have to like it. We have our mad scramble for RRSP Contributions in February so we can claim our refundable tax credit for 2013 taxes. This year’s deadline is March 3rd 2014 and the contribution limit is $23,820.
Most of us have some RRSP carry over room so the best place to get your personal RRSP Contribution Limit is from CRA. Before digging in the basement through the “to-file” pile of paper for your 2012 Notice of Assessment, you can go online. CRA has surprisingly jumped into the 90s and digitized their website and tax filing. http://www.cra-arc.gc.ca/menu-eng.html
Now before you cry out, “PLEASE not another login name and password!!!” you can be comforted that the CRA has done an ingenious thing, you can use your online banking login to access your CRA info. This is not like using your Facebook login to play Candy Crush, this is using the 128-bit encryption of the bank as a Sign In Partner.
Only 5 institutions have signed on so far, but it won’t be long until they all have. Do you bank at any of these?
- Bank of Montreal
- TD Bank
- ING Direct
- Choice Rewards Mastercard
The login uses Secure Key Concierge so no information is exchanged during the process. The bank will not know which government service you are accessing and the government will not know which Sign-In partner you are using. This helps protect your identity much like making a payment using Paypal.
There are a few more checks & balances (you need your old tax forms) that you need to complete so you can log in, but it makes life simpler for one login.
When it comes to taxes, always choose the simplest option.