It’s the Final Countdown

Last minute tax tips

The countdown is officially on to the Canadian tax filing deadline – April 30th. It still felt far away back when you were celebrating St. Paddy’s Day, but now that Easter’s over, it’s the next date staring you down on your calendar. Just remember you’re not alone. In fact, as of earlier this month, 44% of Canadians had yet to file according to a recent survey by H&R Block Canada. Plus, you have us here to give you tips on how to get through April without losing your mind.

File on time

It’s important that you file on time, even if you don’t owe a penny. Filing late can mean an interruption of benefits and also result in interest and penalties if you owe money. The CRA can charge you penalties of 5 per cent on what you owe, plus an additional 1 per cent for each month you fail to file, for a maximum of 12 months. Interest rates may also apply, and those rates are set every three months.

Don’t miss out

If you’re cutting it close, you probably don’t have mass amounts of time to spend on researching tax credits and deductions you might be eligible for. However, missing out on tax credits and deductions can mean getting a smaller refund than you’re entitled to – which no one wants. At the very least ask yourself a few questions to determine if you’re eligible for any new credits this year. Did you buy you’re first home? Get married? Have a kid? Did you have to spend out-of-pocket on any medical expenses? Did you contribute to an RRSP? Commonly overlooked credits and deductions include: charitable donations, medical, child-care and moving expenses.

Avoid mistakes

Avoid common mistakes that many Canadians fall into. Some common mistakes include missing out on credits you qualify for, forgetting paperwork, and incorrectly transferring claims like education or medical expenses between family members. The more organized you are (and the earlier you start), the better your chances are to filing mistake-free.

It’s never too late to get help

While the H&R Block offices will be busier in April than January, don’t let the impending deadline scare you away from paying us a visit. We’d love to see your shining face and help you get that refund you so deserve. If visiting us in-person isn’t your style, you can prepare your taxes online with H&R Block Online Tax Software.

Now that you have the tools, quit procrastinating and prepare those taxes! Just think of all the free time you’ll have in May, with your potential refund on its way.

 

A tax expert at H&R Block can help you prepare your taxes. Find an office near you, or if you’re ready to file, do it yourself with our online software.