The amount of income tax you owe depends on your annual earnings. However, you can lower or even eliminate what you owe by claiming eligible tax credits and deductions. For example, the basic personal amount — a non-refundable tax credit — allows Canadian residents to earn over $10,000 annually before being subject to federal income tax.
Why do I need to file my taxes?
Filing your taxes on time is essential for a variety of reasons. For instance, students applying for university loans are often required to submit tax information — both their own and that of a parent or spouse — as part of the application process.
Filing early gives you a head start, allowing you to gather important documents, avoid last-minute stress, and receive your tax refund sooner than most.
Working with a personal tax accountant can save you both time and money. Instead of spending hours trying to navigate the complexities of the tax system, a professional can handle it efficiently and help you identify all possible deductions and credits — maximizing your refund while ensuring accuracy.
When will I get my tax refund?
If you file your tax return online and choose direct deposit, you can typically expect your refund within two weeks. Paper filers, however, may need to wait up to two months before receiving their refund.
To ensure you receive the highest refund possible, consider consulting with a personal income tax accountant in Mississauga. They can help organize your finances, uncover missed opportunities for savings, and offer strategic advice to optimize your return by year’s end.