💰First time doing your taxes? a step-by-step little guide to help you out.

Here's Your Step-by-Step Guide

So, you're staring down your first tax season, wondering:

👉 “What the heck is a T4A?”

👉 “Do I need all these papers?”

👉 “Wait… what’s a SIN again?”

Take a breath. You're not alone. The Canadian tax system might look like a complicated puzzle, but with a little help, it’s totally doable. 🌱

Whether you’re fresh out of school, working your first job, freelancing, or just getting your adult life sorted, this beginner's guide will walk you through it all calmly, clearly, and with a few emojis to keep things light. 🙃

🧩 PART 1: What Are Taxes?

Here’s the simple version:

Every year, between February and April 30, you’re expected to file a tax return with the Canada Revenue Agency (CRA). This is where you:

✅ Report how much money you made

✅ See if you’re owed a refund or if you owe anything

✅ Claim credits and deductions that might lower your tax bill

📆 Key Deadline:Most people must file by April 30.If you're self-employed, your deadline is June 15, but any money you owe is still due April 30.

The CRA is like Canada's accountant and this is your once-a-year check-in.

📚 PART 2: What You Need to File Taxes

🆔 Your Personal Info:

• SIN (Social Insurance Number). Keep this number!

• Your current home address

• Banking info (for faster refunds via direct deposit)

💼 Income Slips (T-slips):

These tell the CRA how much you earned.

Slip	What It’s For
T4	Job income from employers
T4A	Scholarships, CERB, gig work
T5	Investment income (interest/dividends) ( savings accounts require T5 only if you accumulated 50$ or more througout the year)
T2202	Tuition fees (for students)

🧾 How to Get Them:Check your mailbox, work portal, or student dashboard. You might also find them already uploaded to your CRA My Account.

🧮 Receipts for Credits & Deductions:

Only gather what applies to you:

• 🏠 Rent receipts (especially in Quebec or Ontario)

• 🚍 Transit passes (if eligible)

• 👶 Childcare expenses

• 💊 Medical/dental expenses

• ❤️ Charitable donations

• 🎓 Student loan interest

🗂️ Pro Tip: Start a folder (physical or digital) just for tax stuff : future you will be grateful!

🖥️ PART 3: How to File Your Taxes (3 Easy Options)

🧑‍💻 1. Use Free Online Tax Software

Super beginner-friendly and CRA-approved.

Top picks:

• Wealthsimple Tax : Intuitive, modern, and pay-what-you-can 💡

• TurboTax Free : Great for basic returns

• StudioTax : More control, less flash

✨ Cool bonus: Many of these connect with your CRA account to auto-fill your T-slips.

🏢 2. Visit a Free Tax Clinic

Perfect for students or low-income earners.

• Run by trained volunteers

• Hosted in libraries, schools, and community centers

• Safe, helpful, and totally free

🔎 Search: Canada Free Tax Clinics

💼 3. Hire a Tax Pro

If you’re self-employed, have multiple jobs, or own investments, it might be worth it.

💰 Expect to pay: $50–$150+ depending on your situation✅ Peace of mind and more deductions = worth it in many cases

💸 PART 4: What Can You Claim or Get Back?

🎓 If You’re a Student:

• Tuition (T2202) : You can carry unused amounts forward

• Transit passes : If eligible

• Student loan interest : Claim that back

• Moving expenses : In specific school/work cases📦 Bonus: You may not owe anything and can save unused credits for future years!

🏠 If You Rent:

• Provincial rent credits : Especially in Ontario & Quebec

• Climate Action Incentive : Automatically applied for residents in some provinces (like AB, MB, ON, SK)

🧑‍⚕️ If You Had Medical Expenses:

• Claim dental, prescriptions, glasses, etc., once they hit a certain percentage of your income🧾 Keep every receipt, just in case!

🔍 PART 5: CRA My Account, Refunds & Payments

🧑‍💼 Set Up a CRA My Account

This secure online portal lets you:

• View your slips

• Track refunds

• Set up direct deposit

• Receive your Notice of Assessment (NOA)

👉 Register here: CRA My Account

💵 Refunds & Payments

• Refunds take ~8–10 business days with direct deposit

• If you owe: Pay online via your bank, credit card, or CRA site⚠️ Pay by April 30 to avoid interest penalties

🧠 FINAL TIPS FOR FIRST-TIME FILERS

✔️ Start early . Don’t leave it for April 29 at 11:59 PM

✔️ Mistakes? No stress , you can amend your return later

✔️ Use auto-fill to avoid missed slips

✔️ Keep records for 6 years . CRA can ask for proof

✔️ Always file, even with low income, you might get benefits or GST/HST credits!

You’ve Got This ⭐

Filing taxes is a huge step in financial independence. It’s okay to feel unsure; everyone starts there. What matters is showing up, asking questions, and learning the ropes.

Take it one small step at a time, and next year, it’ll be a breeze.