New to taxes? What you need to know

by | Feb 16, 2023 | Featured Finance, Finance and Business

There’s a lot to get used to when you start your first job. Doing your taxes is part of it. It also gets you access to benefit and credit payments to help make rent, pay for childcare or have a little extra for activities.

Here are three tips to get you started:

  • Have all of your income information available, including any tax slips you received for the tax year.
  • Do your taxes on time, every year, even if you didn’t earn income or your income was tax exempt. Your benefit and credit payments, like the GST/HST credit, are calculated using your tax information.
  • Register for direct deposit to get your payments directly into your bank account.

Need help filing your tax return? You may be eligible to have your return filed at a free tax clinic if you have a simple tax situation and a modest income.

You can also use the CRA’s free online learning tool called “Learn about your taxes.” It can help you gain the confidence you need to do your taxes on your own either online using NETFILE-certified software (sometimes free) or on paper using an income tax package.

Find more information at canada.ca/learn-about-taxes.

Related Content

Does the new Underused Housing Tax apply to you?

Does the new Underused Housing Tax apply to you?

Taxes are a fact of life, but it’s understandable to have questions about any new tax you hear about. The Underused Housing Tax (UHT) is an annual federal one per cent tax which took effect in January 2022. The key question on most minds when you hear of a new tax is...

read more
How to navigate food rules for businesses

How to navigate food rules for businesses

When running a business, rules, regulations and guidelines seem to come with the package. Learning to navigate everything can be a challenge, but these requirements play an important part in ensuring the Canadian marketplace is safe, consistent and fair to everyone....

read more
Is it time to retire our concept of retirement?

Is it time to retire our concept of retirement?

With high inflation and cost of living increases taking a bite out of personal savings, many Canadians are reconsidering what their retirement may look like. The traditional retirement age was established in the 1960s when post-retirement life expectancy was much...

read more
3 tips to keep your home-based business safe and secure

3 tips to keep your home-based business safe and secure

Your home is your sanctuary. But if you run a home-based business, it could also be your office, showroom, storage locker and more. Therefore, it is doubly important to protect it and its contents. Here are three ways to protect your home and business. Protect your...

read more
The hidden costs of condos and how to manage them

The hidden costs of condos and how to manage them

Condo ownership has surged in recent decades. For a growing number of Canadians, owning a condo is one of the most significant investments of their lives. Condos can be an attractive option based on cost, convenience, amenities and location. One advantage is that you...

read more