Frequently Asked Questions About Filing Tax Returns
Filing taxes can be a stressful time for many. There are a ton of questions clients have but often find answers difficult to come by which can add to the stress and anxiety they feel around tax time. To ensure you have all your doubts cleared and are armed with all the information you'll need to navigate through tax season, I have answered some of the most frequently asked questions about filing tax returns.
- How much will it cost me to do my returns?
It depends on the complexity of your returns. It's best to get an estimate from a qualified tax professional.
- How long will it take to do my return?
If you are bringing your returns in March and I have all information needed, it will be done within a couple days. However, as you get closer to the deadline, it will take longer.
- How long does it take to get my refund?
It is usually within a couple weeks. It may vary if we file your return towards April 30.
- I am self-employed; can I pay my taxes until June 15, on the deadline that I need to file them?
No, if you wait till June 15 to pay the balance owing, you will have interest charged on the balance owing. It’s better to get your returns done before April 30, so you know how much to pay.
If you can't get it done in April, I would suggest you compare your income to the previous year to determine how much you might owe and pay the estimate.
- CRA determines I need to pay installments, do I have to?
Yes, or CRA will charge you interest and penalties for failure to pay.
- What is the period for RRSP contributions?
The period is from March to February. Any money you contribute to the first 60 days of the year is going to the previous year. For example: if you contribute $200 in the first 60 days of 2018, this contribution will go towards your 2017 tax returns.
- Can you tell me how much to put to an RRSP to reduce my taxes owing?
Yes, if you give me all your information or an estimate, I can do your tax returns and let you know what amount would be the best.
- Do I need to come to your office to get my taxes done?
No. I like to meet first-time clients to put a face on, but if time or location is a constraint, you can email, fax or mail your receipts and I'll do your returns.
If you have any more questions about filing return, get in touch with me, M-R Fournier. I am committed to providing you with the best possible financial services. I use the latest technologies including top of the line accounting and tax software and use e-file to get your tax refunds processed quickly and easily. To know how I can help you, please contact me by clicking here.