Tax Season Speedway 2025: Getting Ready for Tax Season

Send us your tax materials as soon as you’ve gathered ALL your receipts. Remember that “More is Better” when deciding what documents to submit. It also takes our professionals less time to prepare a tax return when we have all the documents ready and available in one package or submission to us. 
 
If T3 Statement of Trust Income Allocations and Designations are part of your tax materials, make sure to submit all your information in early April once you have received the T3s. You will have a T3 if any of your investments are mutual funds, Exchange Traded Funds (ETFs), or if you receive taxable income from an estate.

Crowe Soberman’s annual client tax package delivered in February 2025 includes a detailed checklist of due dates, information, and tax materials we’ll need to collect. If you are a new client, please review your 2023 slips and receipts as well.

Let us know about any significant life changes that occurred over the past year that may impact the tax materials you submit. Examples of significant life changes would include starting post-secondary school, change in marital status, selling a home, collecting Canada Pension Plan (CPP) or Registered Retirement Income Fund (RRIF), starting a business, or a change in investment strategy. Don’t forget to let us know if your contact information (phone, address, email) has changed too.

Prepared tax returns will be sent to you through the client portal for signed consent and confirmation. We will electronically file (e-file) your tax return (except in limited circumstances) but cannot do so without signed consent indicating that you have reviewed and agreed to all the information in your return. Email or verbal authorization will not be accepted.

The status of your tax return filing or refund can be viewed through Canada Revenue Agency’s (CRA) “My Account.”

1. Set up “My Account” with CRA

Canada Revenue Agency’s “My Account” offers many benefits to taxpayers regarding the knowledge and understanding of their own tax situation. Access to TFSA and RRSP contribution room, Notices of Assessment, tax return filing status, instalment balances, and tax payment options are available through “My Account” along with other important information.

To create your CRA “My Account” please follow the steps in this step-by-step guide.

2. Arrange for a direct deposit of your refund

To arrange for a direct deposit of your refund, you can sign-up online or contact your financial institution.

To sign up for direct deposit over the phone, call CRA at 1 800 959 8281. You will need your:

• Social insurance number;
• Full name and current address, including postal code;
• Date of birth;
• Most recent income tax and benefit return and information about the most recent payments you received from the Canada Revenue Agency; and
• Banking information: three-digit financial institution number, five-digit transit number, and your account number.