CRA’s electronic tax-filing service is increasingly becoming normal among Canadians. According to CRA, roughly around 80% tax filer filed their tax returns online last year. This number is expected to go up even more this year. There are two methods to file tax return online either you can file your taxes your own by using Netfile method or hire a professional to file it on your behalf by using E-file service. Please read my other article if you haven’t decided yet if you should file taxes your own or hire a professional
Every year agency is keep adding more and more features to this program. Recently, CRA has announced a new feature called “Auto-Fill my return”. Taxpayers and tax consultant can use this new feature with some NETFILE/EFILE certified software to automatically fill in parts of their or their client’s current year return. Paper-filing costs a lot to CRA so no wonder why they want us to move away from this method. There are quite a few benefits of the online filing program. Obviously, it’s environmentally friendly approach to avoid a ton of paper wastage throughout the tax season. Here are few other reasons why we should join our majority fellow Canadians to file our taxes online:
- A cakewalk for most taxpayers
You no longer need a pencil, rough papers or calculator to prepare and forward your tax file to CRA. Nowadays, simply you can file your taxes with few mouse clicks using CRA certified Tax Software or Web Apps. According to CRA, you don’t even need a web access code for online filing now. You are good to go if you have information related to your social insurance number and date of birth.
- Save your time and money
You can files your taxes online within minutes compare to spending countless hours on the traditional paper filing method. You just need to follow step by step simple software instructions before entering your basic information in the system. This software guides you through the whole filing process by taking care of all applicable deductions and credits so you don’t miss anything. Even, there are few free of cost certified software available in the market. Studio Tax and Genu Tax Standard suites were available free of cost previous years. Check it out yourself on CRA website for latest information http://www.cra-arc.gc.ca/esrvc-srvce/tx/ndvdls/netfile-impotnet/crtfdsftwr/menu-eng.html
- Receive your refund faster
Who doesn’t like to receive their money faster? No doubt, it’s much faster than traditional paper –filing. According to the revenue department, you can receive your refund as little as 8 to 10 days if you file your taxes online and carry direct deposit arrangements with them. Personally, my family receive their tax refund within 10 days of its filing without doing anything special.
You can be rest assured that you can file your taxes with ease and accurately by using certified Netfile or Efile tax suites. These days, certified software and web apps are quite good. These products are well tested in labs before they even qualify for CRA certification. There is a very slight chance you miss any deductions or credits if you follow their step by step instructions. It enables you to focus on maximizing your tax refund compare to the paper-filing method where you are more worried about missing a tiny bit of details.
- A secure and confidential service
You securely submit your file directly to CRA without worrying about mailing your return when you utilize Efile or Netfile services. Currently, this service is even more secure as CRA uses the same high level of online security used by most Canadian banks. Moreover, you receive tax filing confirmation notification right away if you able to transmit your electronic file correctly.