FAQS That the Best Tax Accountant in Toronto Often Answers

Last Updated on May 13, 2022 by Maria James

Are you new to the tax preparation process in Toronto? Besides, tax preparation is one of the most exasperating and time-consuming tasks for tax filers to go through every year. As a starter, you can have many questions in your mind but may find answers difficult to acquire. It can also cause you to delay filing your tax returns, submit incorrect details, or miss the submission deadline. The best tax accountant in Toronto from one of the top accounting firms, GTA Accounting, understands these tax concerns. Hence, the same professional has accumulated the FAQs with the best answers for such tax filers. We are going to share those FAQS and their best answers to help starters clear their concerns regarding taxes in Toronto. Without further ado, let us jump into those questions and their answers:

Q1. When Is the Last Date to Submit My Tax Return in Toronto?

A1. It is an important question for startups to ask, in particular. The last day to submit your tax return in Toronto is May 2nd, 2022, as an individual and June 15th, 2022 for self-employed/small businesses. Nonetheless, the expected date to file taxes for individuals is April 30th, 2022. It has been extended to May 2nd in 2022 because the day of the week is Saturday on the former date.

Q2. How Long Does It Take for the Canada Revenue Agency to Get My Refund?

A2. Typicaly, it takes around 10 to 21 days once the Canada Revenue Agency processes your return to get your refund. If CRA takes longer than the expected period, you can log in to your CRA online portal. Then, you can check the status of your tax return to know the answer to your concern.

Q3. How May I Notify CRA If My Address Has Changed?

A3. There are three different ways for you to inform CRA about the change of your address. Here they are:

You can log into the CRA online self-serve portal. Then, you can change your address under the “My Account” tab.
Another thing you can do to inform CRA about the address change is to call the CRA. You can call CRA at the following number: 1-800-959-8281.
Or, fill in an RC325 address change request form. Then, mail the form to the CRA.

Q4. How Can I Notify CRA of the Change in My Marital Status?

A4. There are three different ways for you to inform CRA about the change in your marital status, too. Here they are:

You can log into the CRA online self-serve portal. Then, you can change your marital status under the “My Account” tab.
Another thing you can do to inform CRA about the marital status change is call the CRA. You can call CRA at the following number: 1-800-959-8281.
Or, fill out an RC65 form and send the form to the CRA.

Q5. How Can I Get a Copy of My Notice of Assessment?

A5. The best tax accountant in Toronto answers: CRA generally mails the Notice of Assessment to taxpayers shortly after the assessment of their taxes. Plus, taxpayers can also log into their CRA account online to view and print it.

Q6. When Will I Receive My Next Tax Benefit Payment?

A6. The fastest way to do it is to check it is to log into your CRA online account. Then, you can click on the “My Benefits” tab. Finally, you can view pending benefits and the dates on which you would receive them.

Q7. I Haven’t Filed My Taxes for a Long Time. How Far Back Can I File My Taxes?

A7. You can file your taxes as far back as 10 years from the year you are currently filing your tax return.

Q8. How Affordable Are Tax Preparation Fees of Your Firm If I Acquire Your Tax Services?

A8. Our tax preparation fees are quite reasonable and affordable as a credible accounting firm. However, our tax preparation fees depend on the amount of work our CPA has to do on your taxes.

Conclusion

Tax preparation is a frustrating and time-consuming task for tax filers to go through every year. Besides, starters often ask common questions regarding tax filing in Toronto. The best tax accountant in Toronto from a reputable accounting firm answers those questions, which are mentioned below: