Electronic Filing
Definition
- Income tax returns can be filed online using a personal computer with tax preparation software. The information is sent directly to Revenue Canada. If a tax payer is set up with direct deposit, refunds can be directly deposit into his or her bank account.
Synonyms
internet, Canadian efile, income tax, online taxes
Acronyms
NETFILE, EF
Related Terms and Acronyms
- Client-based Banking Software — Definition,
- Customers use money management software and their own computers to access the bank using a modem and a phone line.
- Electronic Filing System (EFS) — Acronym,
- Filing Extension — Definition,
- An additional amount of time to file your return. A filing extension, however, does not give you more time to pay your taxes.
- Income Tax — Definition,
- The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
- Notice of Assessment (NOA) — Acronym, Canada, Important,
- A form the federal government issues when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or refund.
➥ Canada Revenue Agency's T451 tax form. - Refund — Definition,
- To give back, return, or repay.
