6 helpful tips for those of you who still have to do your taxes

Apr 20 2022, 4:00 pm

Hey, no shame, we’ve all been there — continuously pushing back the day when we will finally be forced to dive into our taxes. And with the May 2 deadline to get those returns in looming near, there’s extra stress added to the mix. The secret, however, is that doing your taxes doesn’t have to be so daunting.

Filing your taxes doesn’t have to mean spending hours stressing over every little detail yourself, or paying someone a ridiculous amount of money to do it for you. Actually, it can look like you doing it yourself, at home, for free — and with ease.

Don’t believe us? Then maybe you’ll believe Caroline Corbeil, an expert at Wealthsimple Tax — a free filing platform that makes doing your taxes a breeze. Corbeil has some helpful tips for those filing their returns for 2022 last minute, and how to ultimately make doing your taxes a less dreadful experience for years to come.

Getting all your paperwork organized can take little to no time

Woman using wealth simple

Peshkova/Shutterstock

It’s 2022, long gone are the days of printing off all your important documents and organizing them into file folders. “Many of the necessary tax documents can be found in your Canada Revenue Agency (CRA) account online,” Corbeil tells Daily Hive. “These include the notice of assessment, Registered Retirement Savings Plan (RRSP) deduction limit for that year, and any unused tuition amounts.”

That means all you need is access to your CRA online account, and Wealthsimple Tax can do the work for you. “With auto-fill, we’ll import tax documents directly from CRA accounts right into the program.” Easy as one, two…

It’s a big deal to miss the filing deadline — so don’t

Really the only thing that you should stress about during tax season is making sure you get yours in. Most of us are familiar with procrastination, however, this is a task that is in no way worth putting off.

“If you miss [the deadline], you could miss out on benefits you qualify for, and on getting a refund. And if you owe money, there could be penalties,” says Corbeil. So why wait?

It probably won’t take as long as you think

Family using wealth simple tax

Dragana Gordic/Shutterstock

If you are one to often fall victim to procrastination, it’s likely related to having to set aside time to get the deed done. And while doing your taxes may seem like a tedious, time-consuming task, Corbeil says that it takes most people less than an hour to file their returns with Wealthsimple Tax. That’s less time than one episode of Succession, and we know you all make time for that.

You most likely don’t need to fear what you owe

While many Canadians dread taxes because they associate it with paying back money, Corbeil says that more Canadians actually get a refund, “especially when using a smart platform like Wealthsimple Tax that optimizes your return,” she tells Daily Hive. With various credits that improve your return, such as the new one-time cost of living credit that Quebec is giving residents, your return is likely to be a lot less costly than you think.

You don’t need to be an expert to file your taxes

It’s true, you’d don’t need to be the expert because Wealthsimple Tax is.

“Wealthsimple Tax has all the information you need to find every credit and deduction you’re eligible for,” says Corbeil. “And if you get stuck, Wealthsimple Tax can connect you to a support team of tax experts, available to answer last-minute questions by phone or email.”

You can change your information after you file

Maybe what makes the thought of doing taxes so stressful is the question, “What if I were to make a mistake?” The concept of unintentionally lying to the CRA sends many into anxious panics — but good news, the common fear isn’t really based on much logic.

“The most important thing is hitting the deadline, but your return isn’t set in stone. If you do need to change it after you file, you can,” says Corbeil, cueing a deep sigh of relief.

Feeling more ready to tackle your taxes? Get started now and do the whole thing for free at wealthsimple.com, or download the app here.

Daily Hive

Branded Content

This content was created by Hive Labs in partnership with a sponsor.
Daily Hive Branded ContentDaily Hive Branded Content

+ Venture
+ Sponsored
ADVERTISEMENT