Is Your Tax Return in Never Never Land


Does this sound at all familiar? You are trying to arrange financing for a house you are buying from your brother in law, but first you have to sell your current house to your parents who are selling their condo to their REALTOR. As you are self-employed the lender requires proof of income using a 2 year average. In 2010 you opened up a corporation and had a lot of write-offs to be applied against your income. As a result, on paper you made an insanely low amount of money, good for paying less taxes, but bad for qualifying for a mortgage. So you are now in this awkward place where you are actually rushing to get your taxes done so that you can average your 2011 income with your 2012, instead of your 2010.

You slipped your accountant a C note to make sure your T1 Generals were put on the top of the pile, you have sent the tax returns in the mail (because e-file registration codes haven't been sent out yet) and now you are waiting. Waiting. Waiting... for the mail carrier to deliver your Notice of Assessment so you can rush to the bank to pay an outrageous sum to the tax man because the lender needs proof you are in good standing with the government before lending you any more money?

Doesn't sound all that familiar does it? I didn't think so, because this stuff only happens to me!

Canada Revenue Agency - Quick Access

So, If you have submitted your tax returns and just want to know if they have been received or not or if they have somehow caught that flying ship to Never Never Land, you are in luck. Jenn Huynh showed me this sweet tool that the CRA has created called Quick Access and now I am sharing it with you! Provided you correctly identify yourself, Quick Access will give you immediate access to the status of your tax return among other things. I have to say it is pretty cool, certainly worth a look!

After submitting an egregious amount of private information and agreeing to the worlds longest terms and conditions (not really), I was very pleased to read the following: Welcome Jackson Middleton, your 2012 return was received. Enough said, no more worrying, I have done all I can do, now just sit back and wait until that puppy shows up in the mail.

Be Proactive - Sign up for a CRA My Account

Once you have taken a peek at the status of your tax return, there is on more step you should take. Consider signing up for the CRA My Account for Individuals. The CRA My Account allows you to access Notice of Assessments from previous years, check on your refund and a lot more cool stuff. The trick is, you can't just sign up and rock and roll online, for security reasons, you must set up your account, and wait for CRA to send you an access code in the mail, this can take 5-10 business days.

If you are anything like me - once your tax return comes in the mail, it mysteriously disappears about 12 hours later. Regardless of how hard you work to keep everything filed away, there is always that one document missing. By signing up for the CRA My Account, the next time you are qualifying to purchase a house or renewing your mortgage, all your government income documents are only a couple clicks away.

You can thank me later, when this comes in REALLY handy ~ Seriously, I would like you to email me at that time!

I am wearing a kilt right now. I have consumed coffee today. Family Man. Innovator. Follow me on Twitter @kiltedbroker | Formerly the Executive Editor of the First Foundation #OwnGrowProtect…

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