Luckily, there are many other tools out there for calculating your income taxes, maximum deductions and eligible credits, all of which should be used to better inform you when filing your taxes next year. The CRA (Canada Revenue Agency) provides one tool-the tax calculator-but using it will only give you an estimate, not an exact amount that you can enter on your tax return.

This will help to ensure that you’re getting the most deductions and credits possible from the Government. Whether you’re doing your own taxes or paying someone else to do them, it’s always good to have the right tools on hand. 5 Essential Tools to calculate your income taxes The maximum influx of the tax calculation and payment to electronic platforms can make it more convenient for the public to manage their own tax filing. Within April 2022, almost 93.7% of the tax paying population have used electronic methods to file their taxes and claim their returns.

With tax season in full swing, it’s important to make sure you are equipped with the tools to accurately calculate your taxes and save as much money as possible this year.

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