Is the Homeroom E-Return the ideal tax-filing option for YOU?

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The scrap piece of paper floating above the Number Cruncher Allysia’s head comes from a family of reused receipts, serving as the ideal platform for chicken scratch.

When filing a tax return using a new method can sometimes be mysterious and daunting.

Ask yourself these simple questions when trying to determine if the Homeroom E-Return is the best method for you to use when filing your income taxes.

Q. Do you like to roll to the beat of your own drum and do things on your schedule?

YES!!

The Homeroom E-Return allows you to file from wherever, whenever. All you need is a steady Wi-Fi connection and a laptop or phone. Simply, request the E-Return here and we will email you the instructions on how to securely submit your tax documentation through our online portal.

NO! 

LIAR!! Nobody seriously enjoys planning their day around other people!! We get it though, change is tough and taking your schedule into your own hands can feel weird and selfish. But it’s not!! Be a rebel! Learn to do you for a change!

OH POO!

We know that by submitting online you won’t have a reason to pop into our fabulous office space on West Broadway to get the scoop on the Lady in Charge Teya’s recent wedding or to join in on the fun and casual daily stretches. But it’s going to be ok, we will find new ways to entertain and update you that you can enjoy on your own schedule 😉

 

Q. Do you like to have a clear expectation of what your tax return will cost?

YES!!

Homeroom lists all of their prices upfront and will confirm in advance which option applies to you so that you can make an informed decision prior to submitting all of your documents (see the  Homeroom rate here). All of our rates are based on our E-Return structure.

Many well know tax agencies have their basic price listed then sting you for every additional piece of paper you hand over.

NO!!

I hate to say this twice in one post but seriously, LIAR!! If you really want to feel like the cost of your return is a mystery then, by all means, let us know and we can block out the amount in all our correspondence up until the invoice. We don’t want you to feel like you are missing out on some tax time payment roulette.

Life will be clear and easy and you won’t get to tell your friends about how terrible tax time is and make excuses for not filing your return!

Q. Do you care about the environment and love sloths?

YES!!

Save paper and leave more trees for the sloths by using our super cool online Homeroom E-Return option. All forms are electronically signable. No printer or scanner required. Do it all from your phone! No need to print countless pages of your tax return. We will securely email you your final copy, with an option to print if you reeeeally wish. Additionally, by not leaving your house you will also be saving gas making the world a cleaner, healthier, forever home for us all.

NO!!

Ok seriously! What kind of monster doesn’t like sloths?????????????????? We have nothing left to say!

OH, POO!

Yes, your friends might call you a hippy for caring about the environment but you are strong, you’ll survive this mocking by knowing that the entire Homeroom team thinks you are an environmental hero.

Request the Homeroom E-Return here, or stay tuned for next week’s blog post that will feature the in-person tax appointment.

Easy, breezy, beautiful CRA online payment option

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“Bummer, I owe the CRA money! How do I pay them?”

Whether you have taxes owing for this year or you are a business owner who needs to settle a debt, handle it like a boss and pay the CRA to avoid late fees and any legal trouble.

Here are some ways you can pay the CRA, whether you are an individual or a business:

Online (Recommended)

The Canada Revenue Agency (CRA) is getting hip by being down with the online payment world!

The CRA prefers to receive electronic payments. It’s fast and easy! You can do it two ways:

  • Make a payment using your financial institution’s online banking services:

    • Sign in to your financial institution’s online banking service (RBC Royal BankTD Canada TrustVancity, etc). Bank with another financial institution? See the complete list of banks that can be used on the My Payment service here.
    • Under “Add a payee,” look for an option such as: CRA (revenue)-current year-tax return. CRA (revenue)-tax amount owing. CRA (revenue)-tax installment.
    • See other available options under “Add a payee” that are not listed above here.
    • Business: Specify payroll, GST, Corporate Tax
    • The account number for personal: SIN number
    • The account number for business: Business number

Offline payment methods:

Remeber these ones take more time so be sure to give yourself a head start if you want to avoid late payment penalties.

  • In-person (at the bank): You cannot walk into the bank to pay without the remittance voucher. The CRA does not mail them our anymore to encourage people to take advantage of their speedy, secure online payment option.
    • We can provide all our existing clients with a remittance voucher for their personal taxes which they need to take to their financial institution to pay.
  • Photocopy an old remittance voucher that you have, or call the CRA and request the mail one to you. Just know the process takes more than 10 business days, and that might cause you incur late penalties.
  • Mail a personal cheque: In the memo, indicate account number (SIN for personal or business number for self-employed).  Attach a letter to let CRA know what you are paying.

For information about your account balance and payments, including installments, see My Business Account.

When completing your return, you may calculate a balance owing on line 485Your balance is due no later than April 30, 2018. When a due date falls on a Saturday, a Sunday, or a holiday recognized by the CRA, your payment will be considered on time if the CRA receives it or it is postmarked on the next business day.

Generally, if this amount is $2 or less, you do not have to make a payment.

If you owe tax for this current tax year, and you file your return after the filing due date, the CRA will charge a late-filing penalty.

They start charging compound daily interest on any outstanding balance starting May 1, 2018, until you pay it in full.

If you can’t pay the full amount you owe, take action right away and call the CRA arrange a payment plan.

For a full list of payment options, go here.

Get in touch with us if you have any concerns here.