April 13, 2012

Credits and benefits for seniors

The Canada Revenue Agency (CRA) is here to help you through tax season. Here are some helpful hints for seniors when filing your tax returns.

How to reduce your tax bill and your instalment payments

Do you have to pay income tax every April 30? You may be able to reduce your net tax owing and reduce the amount of your instalment payments by increasing the tax withheld from your salary or pension. To ask that more money be deducted at source from your salary or pension, complete Form TD1, Personal Tax Credits Return, and give it to your employer or your pension centre. For more information, go to www.cra.gc.ca/deductmore on the Canada Revenue Agency Web site.

Are you self-employed?

As a self-employed individual, you have until midnight on June 15, 2012 to file your 2011 income tax and benefit return. You must pay any balance owing for 2011 on or before April 30, 2012, regardless of your filing date.

Save time—pay online!

Did you know that you can pay your taxes online using the Canada Revenue Agency’s My Payment service or through your financial institution? As payment deadlines approach, paying online helps to make sure that your payment is received on time to avoid interest and penalties on overdue amounts.

File on time – Don’t miss out on credits and benefits

Even if you don’t owe taxes, you should file your 2011 income tax return by April 30, 2012 to be eligible for some tax credits and benefits.

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Article source: http://www.cra-arc.gc.ca/esrvc-srvce/mllst/ndvdls/nwslttr120413-eng.html?Txnfrss