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EFILE
From Wikipedia, the free encyclopedia
E-File is an abbreviation for "Electronic Filing" for the U.S. tax system used by the Internal Revenue Service (IRS). It is also...
EFILE' is the system used by the Canada Revenue Agency as a means for electronically transmitting tax returns. EFILE is only available to professional tax prepares and is not to be confused with the publicly available NETFILE. EFILE is a form of Electronic Data Interchange.
- A form T183, Information Return for Electronic Filing of an Individual's Income Tax and Benefit Return, needs to be signed by the client.
- Software meeting CRA certification standards, such as Intuit's Profile[1], or Microsophic Inc.'s Visual Tax[2]
- Must be a professional to qualify, along with passing the CRA screening of new applicants.
- Fast and convenient, can be filed anywhere with an internet connection.
- Returns are processed much faster than conventional paper filing.
- Reduces usage of paper, saves money and is environmentally friendly.
- More reliable since you can retain paper slips, and no chance of getting return lost in mail.
- Requires a professional tax preparer to file.
- Preparer must have knowledge of system and be approved by CRA to EFILE.