2015 tax returns (2016 tax-filing season)

[Ciel]

Organize any expense slips, review 2014's return for any carry forward amounts you may be able to apply to the 2015 return and figure out what supplies you might need while waiting for T-4 slips, T-5 slips etc to come in the mail or work envelopes or via student portals (tuition/book T-2202A slips).

File your return. Using certified tax software to transmit your return is fast, easy, and secure. You can also file by completing a paper return. Tax packages will be available at all Canada Post outlets and Service Canada offices starting February 1, 2016.

Earlier than last year for paper tax packages.

What's new for this tax filing season

There are changes for individual taxpayers for the 2015 tax-filing season. These include an improved look to your notice of assessment, and more!
Also, this year, why not sign up for online mail, and start getting your mail from the CRA online in My Account. It’s the fast, easy and secure way to manage your tax correspondence.

Would a credit reporting agency accept an e-mailed NOA as a form of identification over a mailed/printed NOA for one's free credit report?

While the Child Care Expense Deduction limit has gone up by $1000, remember that the Universal Child Care Benefit will be taxable. http://www.cra-arc.gc.ca/nwsrm/txtps/2015/tt151222-eng.html?rss

[jasperandchar]

I'm looking forward to 2015 income tax as I should get a refund (fingers crossed)

[Shwa Girl]

Re: File your return. Using certified tax software to transmit your return is fast, easy, and secure. You can also file by completing a paper return. Tax packages will be available at all Canada Post outlets and Service Canada offices starting February 1, 2016.

I have seen tax software in Walmart (Jan 2016) and Costco (Dec 2015)Thanks OP --> good idea to start getting things together and getting organized.

[Colsgirl]

Thanks OP, note to self to keep an eye out for a good deal on the tax return software. Every time I was paid the Universal Child Care Benefit, I put a percentage into a separate category of my budget to cover the tax. I am still hoping that we have enough deductions to be able to get a refund!!

[Ciel]

Thanks OP, note to self to keep an eye out for a good deal on the tax return software. Every time I was paid the Universal Child Care Benefit, I put a percentage into a separate category of my budget to cover the tax. I am still hoping that we have enough deductions to be able to get a refund!!

You planned for it, so less shock and awe when return has to be done. Tax preparers might want to invest in ear plugs (bulk pack) or play white noise in background to lessen the clients' sounds of distress when they figure out what 15% of the UCCB is worth in taxes.

@ShwaGirl, good to know which stores are already promoting software. Staples and likely Best Buy will also be promoting their software selection as well.

I feel for the folks who have to nag their student dependents to get their T2202A printed out a week or two after their reading weeks in February for tax return use.

[Colsgirl]

You planned for it, so less shock and awe when return has to be done. Tax preparers might want to invest in ear plugs (bulk pack) or play white noise in background to lessen the clients' sounds of distress when they figure out what 15% of the UCCB is worth in taxes.

@ShwaGirl, good to know which stores are already promoting software. Staples and likely Best Buy will also be promoting their software selection as well.

I feel for the folks who have to nag their student dependents to get their T2202A printed out a week or two after their reading weeks in February for tax return use.

I have been keeping back 23% as tax to pay - I was told when I was talking to someone from Revenue Canada (they are in the same building as us) that it is added as an income so to keep back whatever the top % you pay in income tax thresholds. I believe that threshold has now dropped to 20.5%. They also said that it has to go on the tax return of the lowest earner.

[tjthemanto]

Most T4 and T5 slips should come by the end of Feb.

If you still do the taxes the old fashioned way, you will have to pick up your Tax package and forms from Canada Poat outlets or CRA or Service Canada offices or even Libraries. They are NO longer mailed out.

The envelope is usually kept separate from the tax packages and forms.

[Ciel]

I have noticed that the envelope holder on the side empties faster than the forms and guides! Will see if Feb. 1 finds the paperwork ready at my local post office or not.
T4s have to go out by Feb. 28.
T5s-some banks will only issue them if the interest income is above a certain amount. Customers are required to report any earned interest income on their tax returns even if no bank slip comes.

[Shwa Girl]

Most T4 and T5 slips should come by the end of Feb.

If you still do the taxes the old fashioned way, you will have to pick up your Tax package and forms from Canada Poat outlets or CRA or Service Canada offices or even Libraries. They are NO longer mailed out.

The envelope is usually kept separate from the tax packages and forms.

From CRA website

Starting early February 2016, you can have a printed copy of the 2015 General guide and forms book mailed to you by calling 1-800-959-8281.

and

You can also use our online order form to have a printed copy of the 2015 General guide and forms book, and any other forms and publications, mailed to you. The package will not be sent until February.

So it looks like people can still order printed forms

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/gttng/menu-eng.html

[Candini]

I`ll be checking off that box to give my refund to Wynne!


(Just kidding. I would rather set my cheque ablaze)

[macw1960]

I`ll be checking off that box to give my refund to Wynne!


(Just kidding. I would rather set my cheque ablaze)

I'll get right on that too.

[Ciel]

If I were to donate money, I'd want confirmation that the money actually paid off the equivalent $ value of Ontario debt. Not someone's salary or perks.

[wimbly11]

Does anyone know anything about taxes and being a student? I work full time but am enrolled in a fulltime online program. My tuition was paid for by a third party so I won't be claiming that...however, can you claim an expense such as a laptop bought for school purposes?

[lilo0003]

I kept all the money from the UCCB in a separate account. So I can just give it back to them when its time to do our taxes DH & I are in a higher tax bracket so we are pretty much taxed to death, any opportunity for any government to add a tax always hits us. This year with the new federal government is going to be particularly painful & then factor in we live in Ontario so have been screwed by the liberals since forever...bitter much...yes.
I am glad we won't get the UCCB any longer because just giving it back is more annoying then never getting it.

[Ciel]

Does anyone know anything about taxes and being a student? I work full time but am enrolled in a fulltime online program. My tuition was paid for by a third party so I won't be claiming that...however, can you claim an expense such as a laptop bought for school purposes?

Good question. I was only able to find that computers (as a good of enduring value) is not covered as part of eligible tuition amounts on p.28-29 of the student guide. http://www.cra-arc.gc.ca/E/pub/tg/p105/p105-14e.pdf