{"id":504,"date":"2023-09-03T18:36:57","date_gmt":"2023-09-03T22:36:57","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/?post_type=chapter&#038;p=504"},"modified":"2024-11-04T08:39:34","modified_gmt":"2024-11-04T13:39:34","slug":"certified-tax-software-accepted-by-cra","status":"publish","type":"chapter","link":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/chapter\/certified-tax-software-accepted-by-cra\/","title":{"raw":"Certified Tax Software Accepted by CRA","rendered":"Certified Tax Software Accepted by CRA"},"content":{"raw":"92.6% of the 2023 Canadian individual tax returns received were filed by electronic means.\u00a0 The vast majority of T1 tax returns sent electronically to CRA are through an authorized service provider or discounter.\u00a0 This can be a Chartered Professional Accountant (CPA) accounting firm, a tax preparation business, or a community volunteer tax clinic.\r\n\r\nCanadian tax residents can use CRA-approved tax software to calculate and file their own T1 individual tax returns electronically.\u00a0 This electronic tax-filing service is known as NETFILE.\u00a0 NETFILE has the following advantages and benefits over paper-filed returns:\r\n<ul>\r\n \t<li>The tax return is filed directly to CRA, with fewer chances of transcription errors<\/li>\r\n \t<li>There\u2019s immediate confirmation that CRA has received the tax return<\/li>\r\n \t<li>Individual\u2019s do not have to send in tax supporting documents and receipts, unless CRA requests for them at a later date<\/li>\r\n \t<li>Refunds are processed faster, especially with direct deposit<\/li>\r\n<\/ul>\r\nCRA outlines a listing of certified tax software approved for electronic filing each year.\u00a0 There is a number of paid, free, or pay-what-you want tax software available on a multitude of technology platforms.\u00a0 Many Canadians have a simple or straightforward tax return filing, so are able to utilize tax software to prepare their own tax return and NETFILE directly to CRA.\u00a0 The tax software programs usually will ask you to answer a number of questions, prior to outlining the tax forms for you to complete.\u00a0 Most programs, with your authorization, can even access all your tax slips directly with CRA and pre-populate a prepared tax return for your review.\u00a0 It is recommended to utilize tax software if you are preparing your own tax return.\r\n\r\nAlmost all paid tax software programs provide free offerings based on individual tax situations or income levels.\u00a0 For apprentices, the free tax filing option may be available if they are a full-time student during part of the year or have a net income level below a certain threshold.\r\n\r\n<em>Certified Tax Software to Electronically File own Tax Return<\/em>\r\n\r\nWhether you pay a tax professional to prepare your tax return or utilize tax software, there are certain deductions and tax credits available to trade apprentices that you may want to ensure have been included.\u00a0 It is actually the taxpayer\u2019s onus to review the return prepared for accuracy and completeness prior to filing.\u00a0 Most tax return software programs will only initially show the most common and popular tax forms based on certain tax scenarios.\u00a0 Certain tax forms will have to be manually selected to be included to claim deductions or tax credits (eg. BC tax training credit for trade apprentices, RRSP).\u00a0 This causes many apprentices to miss these taxation benefits.","rendered":"<p>92.6% of the 2023 Canadian individual tax returns received were filed by electronic means.\u00a0 The vast majority of T1 tax returns sent electronically to CRA are through an authorized service provider or discounter.\u00a0 This can be a Chartered Professional Accountant (CPA) accounting firm, a tax preparation business, or a community volunteer tax clinic.<\/p>\n<p>Canadian tax residents can use CRA-approved tax software to calculate and file their own T1 individual tax returns electronically.\u00a0 This electronic tax-filing service is known as NETFILE.\u00a0 NETFILE has the following advantages and benefits over paper-filed returns:<\/p>\n<ul>\n<li>The tax return is filed directly to CRA, with fewer chances of transcription errors<\/li>\n<li>There\u2019s immediate confirmation that CRA has received the tax return<\/li>\n<li>Individual\u2019s do not have to send in tax supporting documents and receipts, unless CRA requests for them at a later date<\/li>\n<li>Refunds are processed faster, especially with direct deposit<\/li>\n<\/ul>\n<p>CRA outlines a listing of certified tax software approved for electronic filing each year.\u00a0 There is a number of paid, free, or pay-what-you want tax software available on a multitude of technology platforms.\u00a0 Many Canadians have a simple or straightforward tax return filing, so are able to utilize tax software to prepare their own tax return and NETFILE directly to CRA.\u00a0 The tax software programs usually will ask you to answer a number of questions, prior to outlining the tax forms for you to complete.\u00a0 Most programs, with your authorization, can even access all your tax slips directly with CRA and pre-populate a prepared tax return for your review.\u00a0 It is recommended to utilize tax software if you are preparing your own tax return.<\/p>\n<p>Almost all paid tax software programs provide free offerings based on individual tax situations or income levels.\u00a0 For apprentices, the free tax filing option may be available if they are a full-time student during part of the year or have a net income level below a certain threshold.<\/p>\n<p><em>Certified Tax Software to Electronically File own Tax Return<\/em><\/p>\n<p>Whether you pay a tax professional to prepare your tax return or utilize tax software, there are certain deductions and tax credits available to trade apprentices that you may want to ensure have been included.\u00a0 It is actually the taxpayer\u2019s onus to review the return prepared for accuracy and completeness prior to filing.\u00a0 Most tax return software programs will only initially show the most common and popular tax forms based on certain tax scenarios.\u00a0 Certain tax forms will have to be manually selected to be included to claim deductions or tax credits (eg. BC tax training credit for trade apprentices, RRSP).\u00a0 This causes many apprentices to miss these taxation benefits.<\/p>\n","protected":false},"author":1780,"menu_order":8,"template":"","meta":{"pb_show_title":"on","pb_short_title":"Certified Tax Software Accepted by CRA","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[48],"contributor":[],"license":[],"class_list":["post-504","chapter","type-chapter","status-publish","hentry","chapter-type-standard"],"part":145,"_links":{"self":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapters\/504","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/wp\/v2\/users\/1780"}],"version-history":[{"count":4,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapters\/504\/revisions"}],"predecessor-version":[{"id":989,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapters\/504\/revisions\/989"}],"part":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/parts\/145"}],"metadata":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapters\/504\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/wp\/v2\/media?parent=504"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/pressbooks\/v2\/chapter-type?post=504"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/wp\/v2\/contributor?post=504"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/financialfreedomfortrades\/wp-json\/wp\/v2\/license?post=504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}