Q) What do I need to file my taxes?
A) Check our “Links and Resources” page. There you will get the basic information required to file your taxes.
Q) How long will it take me to me to get my income tax return?
A) If you are not in arrears on your taxes, it will take approximately 5-10 business days for you to receive your income tax return and refund (if applicable).
Q) I haven’t filed my income taxes in several years. Why has the government not come after me?
A) The government typically only bothers people to file their taxes when the taxpayer owes them money. If you haven’t filed your taxes in several years, and haven’t heard from the government, there’s a high probability that you’ll be receiving a refund when you send in those prior years’ income tax returns. The government, like any other investor, would prefer to sit on your money and make interest off of it. The longer you wait to file your taxes, the more interest they will continue to make off the money that they owe you. It’s that simple.
Q) I haven’t filed my income taxes in several years. If I file them, will I receive all those other government cheques everyone else is always talking about?
A) Depending on how long it’s been since you have filed, you receive all of the arrears GST/HST cheques, Ontario Sales Tax Credit cheques & Ontario Sales Tax Transition benefit cheques. Each of these cheques has specific timelines and guidelines that they follow. The general rule of thumb is 3 years. If you go longer than 3 years without filing, generally speaking, you will be forfeiting a portion of the money you are owed for each of these Ontario credits.
Q) I think I made a mistake when filing my taxes. Can it be fixed? How do I go about correcting it?
A) Misfiled tax returns can absolutely be corrected. Filing a “T1-Adjustment” is the answer. In order to do that, bring your tax return to JB Accounting services to determine where you may have gone wrong. We’ll make sure we give the right advice to let you know the best course of action.
Q) Why is it better to go to a tax professional, than to go and purchase a cheap tax software from a retail store?
A) Generally speaking, the tax programs available are built in a very generic way. There are many instances and cases where individuals attempt to file their own taxes, and are often re-assessed. By being re-assessed, you can owe the government back money from the initial tax return you prepared and/or end up being audited by Canada Revenue. On top of providing you with a better quality or higher income tax return, a tax professional is able to explain the results of your return in a way you can understand. They can explain why your refund is the way it is, why you owe the government money, etc. Most importantly, they can explain how you can help your situation in the future, and put yourself in better tax situations, year after year. The advice a professional can give you is second to none.