How to Get a Quick Refund on Your Taxes in 2023?

Tax return on a printed paper

The Canadian Revenue Agency (CRA) has marked April 30, 2023, as the deadline for Canadian residents, citizens, and companies to pay their taxes and file their tax returns. Therefore, people who need quick refunds on their taxes need to gear up!

This article discusses how individuals and companies in Canada can get a quick refund on their taxes in 2023.

Audit Your Financial Year

Many people make the mistake of filing their tax returns without calculating the exact amount they're owed. This means that their refund is lower than expected. Therefore, it's advisable to hire an accountant and ask them to audit your financial year. This way, you can identify your tax bracket, any benefits or tax deductions you're eligible for, and other financial information to help you file for the right tax return amount.

Choose the Right Filing Option

The CRA has introduced several methods for people who want to file their taxes this year. Therefore, companies and individuals who need to file their taxes in 2023 should select a filing option that matches their requirements.

Here are some methods you can use to file your taxes.

● Electronic filings of your taxes using the tax software application launched by the CRA. The same system also allows filers to calculate and determine the exact amount they have to pay as their taxes in 2023. However, using the software can be complicated for first-time filers or people who don't have a lot of time on their hands. By filing your taxes virtually, you can get them processed in two weeks.

● Hire an accountant, allow them to access your tax details, and let them handle tax filing for you this year. Through this method, you can file your taxes within two weeks. Additionally, this is the ideal option for first-time tax-filing companies and people.

● Fill out a paper tax return. If you don't want to file your tax return on an application, you can file for it on paper. However, this method takes a processing time of 8 weeks minimum, making it an unattractive option for tax filers who want quick processing.

Opt for Direct Deposit

While filing taxes, it’s advisable to select the direct deposit option. Individuals and companies that select the direct deposit option can get their refund in around 8 working days or even less if their tax returns are filed online. The amount will be deposited into your provided bank account. 

A person calculating their tax refund amount

It’s advisable to hire a personal tax accountant in Canada who can apply for a tax refund on your behalf, helping you get your desired payout quickly. Accounting Plus Financial Services Inc. offers personal tax services in Toronto. Their personal tax accountants make tax filing a stress-free process by handling paying taxes, filing taxes, and applying for tax refunds.

Get in touch with this tax service and get a quick tax refund this year!

 

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