Trusted Tax & Accounting Services in Toronto

Checking the status of your tax refund is simple. You can use the CRA’s secure My Account portal or download the MyCRA mobile app to get real-time updates. If you prefer, you can call the CRA’s automated Refund Status line at 1-800-959-1956. Please wait at least two weeks if you filed electronically or eight weeks if you submitted your return by mail before checking.

If you need to make changes to your T1 tax return after filing, don’t worry—there are a few easy ways to do this. You can use the ReFILE service for returns submitted online, or log in to My Account and submit a T1 Adjustment Request. You also have the option of mailing a completed Form T1-ADJ (T1 Adjustment Request) to your tax centre, along with any supporting documentation. Be sure to wait until you receive your Notice of Assessment before making any adjustments.

If you’re unable to pay your taxes in full by the deadline, it’s important to reach out to the CRA as soon as possible to avoid penalties. You can set up a payment arrangement through My Account, or call the CRA at 1-888-863-8657 to discuss your options. Remember to file your return on time even if you can’t pay the full balance, as this helps minimize penalties.

If you miss the filing deadline, the CRA will charge a penalty of 5% of the balance owing, plus an additional 1% for each month your return is late, up to 12 months. If you’ve missed filing deadlines in previous years, these penalties can increase, making it even more important to file on time.

The CRA charges interest on overdue taxes and pays interest on overpaid taxes. The interest rates are updated quarterly and can be found on the CRA’s website under the “Prescribed Interest Rates” section. The rate on overdue taxes is typically higher than the rate applied to overpayments, so it’s best to stay on top of your tax payments.

You should keep all your income tax records, including receipts and supporting documents, for at least six years after the tax year they apply to. These records may be needed if the CRA reviews your return or requests additional information. If you’ve filed an objection or appeal, you may need to keep your records for a longer period.

The CRA reviews tax returns to ensure accuracy and fairness. These reviews help verify that individuals and businesses are correctly reporting income, deductions, and credits. While some reviews are random, others are triggered by discrepancies or incomplete information. If your return is selected, the CRA will request additional documentation to support your claims.

You can find detailed information on the Canada Child Benefit (CCB) and other family-related benefits on the CRA’s website under the Benefits section. You can also access this information through My Account, where you can view payment schedules, check eligibility, and update your information.

Canada has a progressive tax system, meaning the tax rate increases as your income rises. The federal rates are as follows:

• 15% on the first $53,359 of taxable income
• 20.5% on the next $53,359 (from $53,359 to $106,717)
• 26% on the next $58,337 (from $106,717 to $165,054)
• 29% on the next $63,232 (from $165,054 to $228,181)
• 33% on taxable income over $228,181

In addition to these federal rates, provincial tax rates apply, and these vary by province.

Canada has a progressive tax system, meaning the tax rate increases as your income rises. The federal rates are as follows:

• 15% on the first $53,359 of taxable income
• 20.5% on the next $53,359 (from $53,359 to $106,717)
• 26% on the next $58,337 (from $106,717 to $165,054)
• 29% on the next $63,232 (from $165,054 to $228,181)
• 33% on taxable income over $228,181

In addition to these federal rates, provincial tax rates apply, and these vary by province.