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File your Tax Return! Part 1

Fight the Fear…File your Tax Return! Part 1

It’s that time of year again-most people have until April 30 to file their income tax return (If you are self-employed, you have until June 30). We have received many questions regarding Canada Revenue Agency (CRA) and the fear of filing your own tax return. It is very important to file your tax return to gain uninterrupted access to benefits and entitlements. So, here are a few tips to get you started and ready to file…

Step 1: Where do I get an income tax package?

This year the government no longer automatically sends you the forms to file so you have several options:

1. You can download and print the package from the CRA website

2. Order the package by phone: 1-800-959-2221

3. Pick up a tax package at postal outlets and Service Canada Offices

Step 2: Get organized and keep all your records!

Getting organized is half the battle and if you start good organizational habits and skills now…next year will be that much easier!!

1. Collect all employer information slips and receipts for your tax year (If you are missing slips you must estimate your income and deductions)

2. These slips differ and depend on your individual situation and include:

T4 Statement of Remuneration paid
T4A: A statement of Pension, Retirement Annuity and other income
T4E: Statement of Employment Insurance and other Benefits
T5007: Statement of Benefits

3. Tax credit slips: Here are a list of tax credit slips to remember and consider when filing

Children’s fitness tax credit (Federal and Provincial)
Children’s arts tax credit
Public Transit
Tradesperson’s tools deduction
First time home buyer’s tax credit

Family Caregiver’s tax credit

Step 3: File your General Income Tax T1 return!

Need Help? There is an income tax help line 1-800-499-3930

Watch for: Fight the Fear…File your Tax Return! Part 2

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

What are the types of discharge from bankruptcy?

Automatic Discharge: Where a first or second-time bankrupt has fulfilled all of his or her required duties, and where the Trustee is satisfied that an automatic discharge is appropriate, a certificate of discharge is issued by the Trustee directly. If the Trustee has sufficient concern to oppose the discharge, an automatic discharge is no longer available, and the discharge becomes a matter for the court.

Absolute Discharge: An absolute discharge is issued by the court. The debtor is discharged from all debts incurred prior to the date of bankruptcy, except those which by law survive bankruptcy.

Conditional Discharge: The bankrupt’s discharge may be granted conditionally when there are outstanding matters in the administration, such as fees, asset realization, or providing documents or tax information. A conditional order sets the requirements, and when they have been met, the Trustee sends a report to the court recommending that discharge now be granted.

Suspended Discharge:

This type of order is made when the current bankruptcy is not the first insolvency event (bankruptcy or proposal), or there has been serious misconduct by the bankrupt either before or during the bankruptcy. A suspended discharge means that the discharge will take place sometime in the future based on a date set by the court.

Refusal of Discharge: The court may refuse a discharge when it considers that the debtor does not deserve a discharge. An order of this type is extremely rare, and is usually a result of clear and severe misconduct or criminal activity by the bankrupt. A person who has filed repeated bankruptcies may also have a discharge refused, especially if the causes of bankruptcy are similar each time. If discharge is refused, a person remains in bankruptcy indefinitely, but is entitled to go to court after one year to apply for the refusal to be reconsidered.

Tag: How to Bankruptcy

File your Tax Return! Part 1

File your Tax Return! Part 1

What are the types of discharge from bankruptcy?

What are the types of discharge from bankruptcy?

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