E-filing refers to an automated service that allows approved tax preparation service providers and discounters to send individual and corporate income tax return information directly to the Canada Revenue Agency (CRA) using EFILE–certified tax preparation software. All corporations are encouraged to file electronically, and it is mandatory for corporations with annual gross revenues of more than $1 million.
E-filed tax returns can be processed much faster than paper returns and have become much more popular in recent years. Nearly two-thirds of the more than 25 million tax returns processed by the Canada Revenue Agency each year are now filed electronically. E-filing also helps to ensure accuracy as the tax data is transmitted directly into CRA computers. This significantly reduces the possible occurrence of keying and input errors.
Fort McMurray Tax & Accounting offers e-filing services in Alberta for individuals, privately held businesses and corporations. Contact us today to learn if e-filing would be of benefit for you, or to schedule a consultation with one of our bookkeeping and accounting professionals.