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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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76% - Very Often

Electronic Filing


Synonyms:Canadian efile, income tax, internet, online taxes
Acronyms &
abbreviations:
EF, NETFILE
Filed Under: financial-banking, taxation
Tags: taxes
 

Definition of electronic filing (EF, NETFILE)

electronic filing (EF, NETFILE)
1. 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.

Related Terms and Acronyms:

  • client-based banking software   Customers use money management software and their own computers to access the bank using a modem and a phone line.
  • electronic filing system (EFS)
  • filing extension   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   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)   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   To give back, return, or repay.

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