Stop procrastinating – Tax deadline’s almost here
Here’s some breaking news: Canadians are required to file their taxes every year. While this isn’t revolutionary, Canadians continue to procrastinate as the April 30th deadline approaches. According to a recent H&R Block Canada survey, 44% of Canadians have yet to file their taxes as of April 2.* Come on Canada, all year long we’ve been telling you the importance of filing on time, yet, a lot of you still procrastinate? Not cool. Since all the advice we’ve been giving hasn’t been sticking, we’ve taken a different approach this time around. Here are some of the top reasons why you shouldn’t put off filing your taxes and what you can do to ensure you’re not in hot water come May 1st.
Sometimes it’s cool to be fashionably late, sometimes it’s not.
Whether you owe money or not, it’s important to file your taxes on time to avoid the interruption of benefits, interest and penalties (in the event that you do owe money). The CRA can charge you penalties of 5% on what you owe, plus an additional 1% for each month you fail to file, for a maximum of 12 months.
If the penalties don’t give you a jumpstart to file, maybe the thought of a refund will! Did you know that the average tax return for Canadians is $1,702? And not to brag, but those who file with H&R Block get an average of $1,800. On-time filers can benefit from receiving a refund earlier, so whether you’re looking to put that refund money towards your personal savings or a new jet ski, this is a way to help make that happen sooner than later.
Life is busy but there’s always time.
Life is busy, and things slip. Just don’t make filing your taxes one of those ‘things’. Whether your old-school and mark the date in your calendar, or have to set up multiple phone alerts, make April 30th a date to remember. Missing the deadline could mean paying interest, penalties and even interest on your penalties! The only way you can file late without penalties is if the government owes you money, but the CRA will keep that money until you file. So just do it.
Everybody makes mistakes and everybody has those days.
A last-minute file can often result in missing paperwork, overlooked tax credits or an incorrect transfer of funds. Filing ahead of time is a great way to avoid missing out on credits you may be entitled to like moving expenses, charitable donations, and child-care -some of the most commonly overlooked claims.
Don’t be afraid to ask for help.
It’s not too late! H&R Block is open year-round offering three simple ways to help you file whether it’s doing it yourself, consulting a professional at an office near you or or dropping-off your taxes at one of our locations.
Now that you have the tips and tricks to make this tax season a seamless experience, it’s time to get started. Just think of the weight soon to be lifted off your shoulders and the time you’ll be able to spend doing the things you love in May while a potential refund is on its way!
About the Surveys
*From April 1st to April 2nd 2019 an online survey of 1,516 randomly selected Canadian adults who are Maru Voice Canada panelists was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.