Get set for financial wellness this tax season

(NC) Tax season may be a yearly occurrence, but that doesn’t mean it has to be a dull routine. Stay informed on the latest changes and get advice on how to handle a potential tax return with our tax season guide: 

Keep on top of tax changes 

Starting this year, the usual paper income tax package won’t be sent proactively by mail for those who choose to file on paper. You can still get the tax package and schedules by ordering online or over the phone, or by downloading and printing it. Users who’ve lost access to their Canada Revenue Agency (CRA) account may be able to regain access without having to call, and adding a backup multi-factor authentication (MFA) option on file improves account security and helps prevent potential lockouts.  

canada.ca/taxes-whats-new

Make the most of your tax return 

You can use a tax return to pay down debt—prioritize high-interest items such as credit cards, build an emergency fund, which can be less costly than relying on credit, or plan for retirement, especially if you don’t have a pension through your employer. You can get help deciding: for example, the Financial Consumer Agency of Canada has unbiased information and tools to help you set and reach your financial goals. 

canada.ca/money 

Keep your tax return protected 

If you get a tax return, you’ll want to make sure your money is safe. The Canada Deposit Insurance Corporation (CDIC) protects eligible deposits, like cash in Canadian or foreign currency, GICs and other term deposits, in the unlikely event of a bank failure. There are several categories of protection covering different account types, and each is protected up to $100,000. You can find out how your deposits are protected through tools like their online calculator. 

cdic.ca 

From filing time to getting a return and protecting it once you do, these tips can help you make the most of tax season this year. It’s an important part of maintaining your financial well-being.