Filing your personal income tax online saves you time and money. Online filing can be done quickly, and you do not have to pay hefty fees to a CPA. As you run the whole income tax return process online, you get your refunds fast!
Steps towards getting ready to file taxes for the year 2020:
- Find out what has changed for 2020 taxes and how Covid-19 benefits impact your taxes
- Take note of important dates – The personal income tax filing deadline is April 30, 2021. If you are self-employed, your deadline is June 15, 2021.
- Keep your income (T4, T4A etc.) and expenses data handy. Check out our tax and deduction page to understand which expenses are eligible for tax deductions and where you can get tax credits. E.g., those who started working from home are eligible for Home Office expenses deductions.
- Explore the options to file taxes online and offline.
- If you owe taxes, pay them before Apr 30, 2021. Or claim your refunds promptly.
- Once your taxes are filed, make it a point to review your Notice of Assessment. It will carry the details of your refunds.
File online for convenience and fast refunds
With Covid restrictions all around us, almost every chore has switched to online mode. The ability to file personal income tax online has the advantage of making the whole process contactless, end-to-end. It makes sense to file your income tax online with a Free App that does the heavy work for you. The icing on the cake being, you get a transparent quote to do it online.
Our services have evolved with the times. We received our first NETFILE certification with CRA 10 years ago. With our FastnEasyTax App, we have renewed our commitment to the community. You can download the App for free on your iPhone and Android smartphone. The easy-to-use income tax calculator lets you input your income and expenses. It returns with an accurate tax refund summary. File your income tax in minutes with a fast, safe, and secure App. And get your income tax refund in as little as 8 days, directly in your bank account.
Our App is available in English and French languages. It does not ask for several permissions on your phone. And if your income is less than $20,000 per annum, you can file your return for Free.
The powerful Income Tax Calculator
Depending on your province of residence in Canada, you can check your income tax for 2020 using the free income tax calculator. Along with the NETFILE certification with CRA, the App is also certified by Revenu Quebec. The calculator has two versions available for online income tax and refund calculations. The basic version does not ask you for your details and provides you a quick estimate. Choose your province of residence, Net income, and RRSP contribution for the tax year 2020 and get your Marginal Tax estimate figures. It also tells your eligible RRSP refund estimates. Your previous year’s (2019) CRA Notice of Assessment already carries the RRSP contribution limit for the tax year 2020. We use your marginal tax rates to calculate RRSP tax credit.
The enhanced version helps you to calculate your income tax for the tax year 2020 and lets you review before you submit your tax return to CRA. It takes the hassle out of complex calculations by providing simple fields to enter eligible tax credits and deductions, including children and dependent credits. The online service is fully integrated with Revenue Canada NETFILE service. There is so much to explore about your T4 income, RRSPs, donations, medical expenses, investment income, family deductions, etc.
Steps towards using the free income tax calculator
- Get the free FastnEasyTax App from App Store or Play Store. Search for “eFile Canadian Tax Return.”
- Hit the “Start Now” button and register
- For easy personal tax filing, opt for the “Auto-Fill My Return” option.
- The Autofill feature and the App connects securely with CRA, my account service, and pulls up your details automatically
When you want an easy and secure way to file your taxes, go for the Auto-Fill feature. It saves time too! It reduces the chances of errors when you are entering your information manually.
Tax Return Changes for 2020 in Canada
The year 2020 has changed the norm in so many ways. Your taxes are no exception. The FastnEasyTax App carries the specific changes in Federal as well as Provincial taxes applicable to you. You will find these changes handy as you proceed to file your taxes using the NETFILE compatible service.
As per the numbers published by CRA on their website, for the tax year 2019, almost 90% of Canadians filed their taxes online. Also, for the returns that were recently filed until March 22, 2021, 42.7% of people filed using NETFILE.
Unless you have a complicated tax situation, you can safely do your tax filing online by yourself. And when you do it online, you do not miss out on any tax deductions or credits.
NETFILE is an online service supported by the CRA for those filing their personal income taxes online. Individuals can directly send in their tax returns to CRA without the need to use paper tax forms. All you need is an online tax return service that complies with NETFILE requirements.
FastnEasyTax complies with the NETFILE certification requirements set by CRA for the 2020 tax year. You are in good hands with prompt customer support. We provide active support via FAQs, Social channels, and email. Self-help video guides are also available.
We endeavor to keep the complex tax return filing process as easy as it can be. We avoid using heavy financial jargon and easy-to-understand language and make your online tax filing a smooth experience.