4 tips for tax filing season
Expert advice to help you tackle tax season with confidence.
By ATB Wealth 6 January 2023 2 min read
Starting February 20, 2023, you can access the Canada Revenue Agency’s EFILE service to file your 2022 T1 personal income tax and benefit return. This gives you plenty of time to file your taxes before the May 1, 2023 deadline. Here are four tips from our experts to help you tackle tax season with confidence.
1. Know when you can do it yourself and when you need to hire an expert.
The complexity of your tax return and your comfort level with the filing process come into play when deciding whether to hire an expert or do it yourself.
If your tax situation is complicated, having your tax return prepared by a professional could be the best option. Whether you’ve sold significant assets during the year, are self-employed or own rental properties, a tax expert will be able to help you navigate the complexities of your situation.
On the flip side, if your tax return information is mostly tax slips, then filing your own tax return could be an affordable and relatively simple option. If you go the do-it-yourself route, you can use the CRA’s auto-fill my return service to streamline the process. Just double check that the auto-fill information is accurate.
2. Start compiling the information you’ll need to file your 2022 tax return.
Whether you’re filing on your own or through a professional, you’re responsible to gather all of the relevant information. This could include information related to your employment, investments, education, charitable donations, medical expenses and child care expenses.
3. Be wise with your tax refund and have a plan.
If you’ll be getting a tax refund this year, there are many ways you can put your refund to work:
- If you have high interest debt—like credit card debt or higher interest personal loans—you could pay down your debt.
- Re-invest your tax refund in an RRSP or TFSA if you have 2023 contribution room.
- Add to a rainy day fund so you’re prepared for emergencies.
4. Maximize your RRSP contributions and don’t get penalized for over contributing.
- Check your previous year's Notice of Assessment to find out how much RRSP room you have. You can easily login to CRA using your ATB Personal banking credentials through Secure Key Concierge.
- You have 60 days after year end to make contributions for the previous tax year.
- Try a pre-authorized contribution and make saving imple.
Want to learn more about how year-end taxes relate to your investments? Let's talk. For tax-specific advice, we recommend seeking professional guidance from an accountant or tax lawyer.
Editor's note: This article was previously published and has since been refreshed to make sure the insights we bring you are timely.
Save 20% on TurboTax
ATB clients save on TurboTax, the budget-friendly way to get your taxes done right. Maximize your refund or minimize taxes due.
ATB Wealth® consists of a range of financial services provided by ATB Financial and certain of its subsidiaries. ATB Investment Management Inc., ATB Securities Inc., and ATB Insurance Advisors Inc. are individually licensed users of ATB Wealth. ATB Securities Inc. is a member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.
The information contained herein has been compiled or arrived at from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness, and ATB Wealth (this includes all the above legal entities) does not accept any liability or responsibility whatsoever for any loss arising from any use of this document or its contents. This information is subject to change and ATB Wealth does not undertake to provide updated information should a change occur. This document may not be reproduced in whole or in part, or referred to in any manner whatsoever, nor may the information, opinions and conclusions contained in it be referred to without the prior consent of the appropriate legal entity using ATB Wealth. This document is being provided for information purposes only and is not intended to replace or serve as a substitute for professional advice, nor as an offer to sell or a solicitation of an offer to buy any investment. Professional legal and tax advice should always be obtained when dealing with legal and taxation issues as each individual’s situation is different.
ATB Wealth experts are ready to listen.
Whether you're a beginner or an experienced investor, we can help.