Tax season comes around every year, yet many people still feel unprepared when it arrives. At the Financial Empowerment Initiative, we meet people every year who delay filing simply because they feel overwhelmed or unsure about what they need. The truth is, filing your taxes can be much easier when you know what to expect.
Here are 10 important things to know before you file:
- You should file even if you had little or no income
Many people think taxes only matter if you earned a lot of money. That is not true. Filing your taxes allows you to receive benefits such as GST credits, carbon rebates, and other supports. - Gather your documents early
Start collecting your T4s, benefit slips, tuition slips, and any other tax documents as they arrive. Having everything ready saves time and reduces stress. - Bring proper identification
Make sure you have your government ID, SIN number, and banking information for direct deposit. - Don’t forget your receipts
Medical expenses, childcare costs, and charitable donations can sometimes help reduce what you owe or increase your refund. - File on time
Even if you cannot pay anything you may owe, filing on time helps you avoid penalties and keeps your benefits active. - 6. Simple returns can often be filed for free
Many community organizations like ours offer free tax clinics for individuals with modest incomes. - Taxes help you access benefits
Many government supports require your taxes to be up to date. Filing keeps you connected to those programs. - Ask questions if you are unsure
There is nothing wrong with asking for help. Many people are learning as they go. - Keep copies of your documents
Always keep a folder (physical or digital) of your tax documents. - 10. Don’t wait until the last minute
The earlier you file, the earlier you can receive any refunds or benefits you qualify for.
At theFEI, we always remind people that filing taxes is not just paperwork. It is often the key to accessing financial support and staying financially stable.