Five Steps to Get Ready for Tax Season

Insights
| 2/2/2021

Another tax season is fast approaching and to better assist our clients, we are committed to always providing personalized tax advice, planning, and preparation. As we work together to ensure you’re taking advantage of all the tax savings available to you, review the below five helpful steps, curated by Crowe MacKay advisors, to get ready for tax season. 

How do I submit my tax materials?

Please confirm 

1. Through the Crowe MacKay Client Portal

We offer clients a secure and confidential client portal to upload and share documents electronically.

Crowe MacKay’s Client Portal can be accessed via the grey navigation bar at the top of our website. If you have forgotten your password it can be reset with the email you use to login to the Portal with.

2. By mail

Find your local office’s mailing address here

It is recommended to use a courier that requires a signature and provides tracking services to ensure a safe and secure delivery of your documents.

3. In person drop-off

Your safety is our priority. In response to COVID-19, our offices are either closed or operating at limited capacity. If you choose to deliver your tax documents in person, please contact your Crowe MacKay advisor before dropping off your materials. They will advise you on office protocols and security measures in place.

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When are my tax materials due?

The personal income tax filing deadline is April 30, 2021. However, our experts suggest that clients begin to submit their personal income taxes in February or March to better manage any filing delays that could arise. 

If you are an individual earning self-employment income the tax filing deadline is June 15, 2021.

Read our important 2020 tax year dates article for a comprehensive list of deadlines or subscribe to our newsletter to receive tax deadline reminders directly.

What kinds of materials should I be collecting?

For a comprehensive list of documents you may be required to submit, view our personal income tax organizer. This checklist will assist you in compiling all your documents and receipts that your Crowe MacKay advisor will need in preparing your taxes. 

It is important to update your advisor any changes in address, marital status, or dependents.

What impact has COVID-19 had on your taxes?

If you have received any provincial and/or federal support in 2020 these may be considered taxable income and will need to be reported on your return. You may also be eligible for the home office deduction. Learn more on how COVID-19 could potentially impact your 2020 taxes.

What happens once my tax return is prepared?

Once your Crowe MacKay advisor has prepared your tax documents, they will send your return to you for signature and confirmation. Following this, we will electronically file (e-file) your tax return. To complete the e-filing of your taxes, signed consent indicating that you have reviewed and agreed to all information in the return is required. Email or verbal authorization will not be accepted.

 Status of your tax return filing and/or refund can be viewed through Canada Revenue Agency’s (CRA) My Account.

What steps can I take right now to prepare for the upcoming tax season?

Our advisors share 8 Tips to Get You Ahead This Tax Season to help you feel confident and organized this tax season, which includes using the tax checklist to collect the required documents needed to complete your filing.

In addition, you can also complete the following to ensure you are receiving communications from the CRA in a timely manner, including the status of your return, required instalment payments, and refunds.

1. Set up “My Account” with CRA

 Canada Revenue Agency’s My Account is a secure portal that allows you to view your personal income tax and benefit information and manage your taxes online. My Account allows you to access your RRSP and TFSA contribution room; view notice of assessment or reassessment; make secure payments; set up direct deposits; track the status of your tax return filing; among other useful features.

Set-up your CRA My Account

2. Sign-up for a direct deposit of your refund

To arrange for direct deposits of your refund, sign-up online or contact your financial institution.

If you prefer to sign up over the phone call 1-800-959-8281. You will need your:

  • social insurance number
  • full name and current address
  • date of birth
  • most recent income tax and benefit return and information about the most recent payments you received from the Canada Revenue Agency
  • banking information: three-digit financial institution number, five-digit transit number, and your account number 
This article has been published for general information. You should always contact your trusted advisor for specific guidance pertaining to your individual tax needs. This publication is not a substitute for obtaining personalized advice.