How do you file a tax return

how do you file a tax return

Answers

Best Answer: Yes, you can file your 2005 income tax return at this point, but it would have to be paperfiled, since it is well past the deadline for netfile/telefile eligibility.

If this is the first time you have ever filed an income tax return, then you will also have to paperfile your 2006 income tax return.

Generally speaking, netfiling and telefiling are only available to taxpayers who are recognized in CRA's database and who are compliant with filing of income tax returns.

I suggest you send out your 2005 income tax return first ASAP, if you owe money on it, you will be assessed a 5% late filing penalty on the balance owed, plus arrears interest on the balance that was due April 30, 2006.

If you have a refund or no taxes payable on your 2005 income tax return, then there are no penalties or interest charged

to you whatsoever.

As far as your 2006 income tax return is concerned, make sure you file your return by April 30, 2007, particularly if you have a balance owing,

as this will avoid the 5% late penalty charges (for filing after April 30, 2007).

However, any balance owing on your 2006 income tax return is payable by April 30, 2007 to avoid arrears interest to be added at a later time by CRA.

I would also recommend that you mail your 2005 and 2006 income tax returns via Canada Post and pay the extra $1.50 for signature required, make sure you indicate on the Canada post mailing label what exactly you are enclosing to CRA, and mail it to your local district taxation office.

I am not sure in what part of Canada you currently reside in, but the CRA website below has all the district taxation office addresses:

Source: answers.yahoo.com

Category: Taxes

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