Experts urge Canadians to file taxes as deadline approaches

As the April 30th tax deadline approaches, experts say waiting to file could cost you.

With just 10 days left until the April 30 tax deadline, experts are urging Canadians to gather their documents and file on time to avoid penalties and delays in receiving benefits.

“It’s the right time to grab all your slips, grab all your T4s, and put it all together,” said David Nunes, a spokesperson for the Canada Revenue Agency.

Nunes said beyond meeting the deadline, Canadians should take time to consider major life changes over the past year, including moving, having children or starting post-secondary education, as those can impact returns and potentially increase refunds.

“Those questions actually frame a different tax return for you that might lead to a bigger refund and some benefits and credits that you might not have known about,” he said.

Eligible expenses could include moving costs for a new job, childcare, or credits tied to education. Those working from home may also qualify for deductions.

Tax experts say there are hundreds of potential credits and deductions available.

“When we file our tax return, there are more than 400 credits and deductions available for Canadians,” said Yannick Lemay, a tax expert with H&R Block. “Some change every year. Some are new, and some are abolished.”

One change this year is the end of the carbon rebate – replaced by a new program, the Canada Groceries and Essentials Benefit.

The federal government says eligible Canadians will receive a lump-sum payment starting in June, followed by quarterly payments that are 25 per cent higher than previous GST credits.

However, both Nunes and Lemay stress that filing on time is key to receiving those payments without delay, “…to receive this additional payment, you need to have filed a tax return,” Lemay said.

Missing the deadline could come at a cost, particularly for those who owe money.

“If you file your tax return, there’s a late filing – that’s five per cent added to the amount you owe,” Lemay said. “And then an additional one per cent for each month that your return is late.”

The CRA says interest may also apply to outstanding balances.

Even those who don’t owe money, you should still file on time, because then you won’t get your benefits and credits delayed,” Nunes explained.

With the deadline approaching quickly, experts say filing sooner rather than later can help avoid unnecessary stress and ensure Canadians receive the money they may be entitled to.