Next tax season will mark my first full year of early retirement, without any employment income from which my company already withheld taxes, or corresponding RRSP deductions to further reduce my taxable income. For the first time, I will have to pay income tax as opposed to receiving a refund. This means I will no longer be incented to file my return as quickly as possible, but still do not want to miss the April 30th deadline. Using NETFILE immediately submits your return, so there is no need to worry about timing or delays from the postal service.
I can also pay my income tax online by setting up a bill payment with my bank. I entered CANADA REVENUE in the search criteria and received the following options:
- CRA 2013 Installments
- CRA - Arrears
- CRA - Payment on Filing
It is quite convenient that this entire process can be handled online from the comfort of my home.