what is a tax expense 5

Canada Revenue Agency CRA

Administers tax, benefits, and related programs for the Government of Canada and for most provinces and territories. Statutes of limitations are the time periods established by law when the IRS can review, analyze and resolve your tax-related issues. When the statutory period expires, we can no longer assess or collect additional tax, or what is a tax expense allow you to claim a refund.

Disaster relief

• You will be prompted to view the NETFILE privacy notice in your tax software.
• Last year, approximately 93% of Canadians filed their income tax and benefit returns online either themselves or through a tax preparer.
• All federal income tax returns are sent to the CRA using the NETFILE service.
• You’ll be asked to enter an access code when using NETFILE certified tax software.

For paper returns that are filed on time, our service standard is to send a NOA within eight weeks of receiving your return. If you are eligible, it may take up to eight weeks to get your tax refund by mail, compared to two weeks when you file online and are signed up for direct deposit. All federal income tax returns are sent to the CRA using the NETFILE service. The electronic service used to send provincial or territorial tax returns is based on where you live as of December 31 of the tax year.

Where’s My Refund?

Provincial and territorial tax rates vary across Canada; however, your provincial or territorial income tax (except Quebec) is calculated in the same way as your federal income tax. If you qualify for payments, you will begin receiving payments the month after your application is received and approved. You may receive back payments for up to 24 months from when we get your application, but not for any previous months of eligibility prior to June 2025. If you are registered for Represent a Client (RAC) to act on behalf of others, you may file up to 20 returns per computer or CRA account for each tax year. There are also various tax credits, deductions and benefits available to you to reduce your total tax payable. Your taxable income is your income after various deductions, credits, and exemptions have been applied.

NETFILE restrictions

• This tax season, the Canada Revenue Agency (CRA) has simplified its sign-in process, making it easier to access the My Account, My Business Account, and Represent a Client portals with a single sign in.
• The document verification service allows users to verify their identity and obtain immediate access to their account without having to wait for a CRA security code by mail, which can take up to 10 business days.
• Statutes of limitations are the time periods established by law when the IRS can review, analyze and resolve your tax-related issues.
• This secure CRA service automatically fills in parts of your income tax and benefit return with the information that the CRA has on file.

In fact, online filing gets you access to the benefits, credits, and refunds you may be eligible for even faster! Last year, approximately 93% of Canadians filed their income tax and benefit returns online either themselves or through a tax preparer. The CRA is working diligently to update its systems to reflect the currently enacted capital gains inclusion rate of one-half. The CRA recommends that those impacted by this situation wait until the updates are completed in the coming weeks before filing their income tax and benefit return.

You can use the NETFILE service in tax software to electronically send personal tax returns directly to the Canada Revenue Agency (CRA). If you don’t already have one, it is easier than ever to register for a CRA account with the CRA’s document verification service. The document verification service allows users to verify their identity and obtain immediate access to their account without having to wait for a CRA security code by mail, which can take up to 10 business days. These where to file addresses are to be used only by taxpayers and tax professionals filing individual federal tax returns in during calendar year 2025.

One Big Beautiful Bill Act: Tax deductions for working Americans and seniors

The new sign-in process allows users to access all of the services in My Account, My Business Account, and Represent a Client in one place with a single sign in. If you were previously registered for these portals, you do not need to register again. Simply sign-in and access all of your information in one place using your existing credentials. US Individual Income Tax ReturnAnnual income tax return filed by citizens or residents of the United States. Online filing makes doing your taxes simpler and offers many benefits, such as receiving your refund quicker, not having to mail anything, and being able to change your return electronically if needed. Installment Agreement RequestUse this form to request a monthly installment plan if you cannot pay the full amount you owe shown on your tax return (or on a notice we sent you).

Application for Employer Identification Number (EIN)Use this form to apply for an employer identification number (EIN). The first month of eligibility for the Canada Disability Benefit is June 2025. Payments will begin in July 2025 for applications received and approved by June 30, 2025.

Request for Transcript of Tax ReturnUse this form to order a transcript or other return information free of charge, or designate a third party to receive the information. Form 1040-ES is used by persons with income not subject to tax withholding to figure and pay estimated tax. If you registered with a Sign-In Partner, you can sign in to your current Sign-In Partner and switch to a different Sign-In Partner.

What if I can’t pay?

Sign in or register to access My Account, My Business Account or Represent a Client.

The monthly income from this annuity will be taxed at your marginal tax rate. Your first payment will be on the third Thursday of the month following your approval and will include back payments if applicable. The Canada Disability Benefit provides direct financial support to people with disabilities who are between 18 and 64 years old. If you registered with a provincial partner, you can also create a CRA user ID and password or use a Sign-In Partner. If you have already added other MFA options to your profile, you can select Different option to use a third-party authenticator app or a passcode grid.