This may not be the blog you want, but it’s the blog you need. Taxes are an essential society of a well-functioning society. Around the end of every financial year, people get ready for the dreaded process of calculating their taxes. In recent times, due to the advancement of technology, new software and online tools have made that process a little bit easier. Even your T4, T5 and RRSP contribution slips are available through these sources.
Ensure that the software you are using is paid for legally and is compatible with the CRA’s NETFILE system.
Your income tax information contains a lot of sensitive information that should not fall in the wrong hands at any cost. This sort of information is exactly what criminals need for identity theft. Make sure that all your passwords related to income tax like your CRA MyAccount password or any password you use for a software to help calculate your taxes are as strong as can be. These are probably the most important passwords you will use.
Also, make sure that the PDF of your tax returns is stored in a safe place. Try your best to keep important documents like your tax returns encrypted. If encryption is not an option, keep sensitive, unencrypted documents in a safe location offline.
Another thing to look out for are CRA scams. They have been on the rise, resulting in people losing large sums of money. These scams often come in the form of a text or email asking you to click on a link to receive your refund or update your information.
Filing your taxes is one of the most important parts of a person’s financial journey. This involves a lot of sensitive information which must remain private at all costs or else, the consequences can be very dangerous.